Minecraft Earth:Rainbow Wool

Rainbow Wool is a rainbow version of wool found exclusively $$.

Obtaining
Rainbow Wool can be obtained from Season 5 Rewards and if a Rainbow Sheep or Rainbow Jolly Llama is sheared, or by using rainbow dye (also officially confirmed) on white wool.

Crafting
Rainbow Wool can be crafted into a Rainbow Bed and Rainbow Carpet, though the process normally used to craft those items.

Trivia

 * Rainbow wool, beds, and carpets were added in as tile entities at the start of Season 4 (ie. “tile.rainbow_wool.name” instead of just “Rainbow Wool”), and removed on July 5th.
 * It is one of the first animated blocks to be confirmed $$, along with the Rainbow Bed, Rainbow Carpet, Rainbow Concrete and Rainbow Concrete Powder.
 * It’s planned release was 0.21.0, scheduled to release on July 2, however Mojang’s developers hadn’t quite finished it so they extended 0.20.0 by another 2 weeks.