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.