Minecraft Earth:Rainbow Wool

"Baa, baa, rainbow colored sheep, have you any wool? This wool makes a fantastic building material. Just remember that it's flammable."

- Player Journal Description

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

Obtaining
Rainbow wool can be obtained by shearing a rainbow sheep. It was previously obtainable as a reward in Season 5.

Crafting

 * Rainbow Bed


 * Rainbow Carpet

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.
 * Its planned release was 0.21.0, scheduled to release on July 2, however, Mojang's developers had not quite finished it so they extended 0.20.0 by another 2 weeks.