Minecraft Earth:Rainbow Wool

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

Obtaining
Rainbow Wool can be obtained by shearing a Rainbow Sheep.

Crafting
Rainbow Wool can be crafted into a Rainbow Bed and Rainbow Carpet, through 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’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.