The RARI Foundation, a nonprofit organization affiliated with the Rarible ecosystem, has announced the official launch of the testnet for the RARI Chain on Arbitrum. This groundbreaking blockchain, equivalent to the Ethereum Virtual Machine (EVM), aims to be a comprehensive solution for nonfungible token (NFT) infrastructure, with built-in royalties.
The decision to develop the RARI Chain was prompted by the recent surge in trading volume on the Rarible platform. With a remarkable 585% increase in 24-hour trading volume, Rarible made a significant move by excluding marketplaces without royalty support. This commitment to enforcing and supporting royalties resonated strongly with the community, leading to the creation of the RARI Chain.