Minecraft Earth:Rainbow Wool

Rainbow Wool is a rainbow version of wool found exclusively $$. It’s planned release was Season 5, scheduled to release on July 2, however Mojang’s developers hadn’t quite finished it so they extended season 4 by another 2 weeks.

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

 * It is one of the first animated blocks to be confirmed $$, along with the Rainbow Bed, Rainbow Carpet, Rainbow Concrete and Rainbow Concrete Powder.