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. However, they are still likely to be released in Season 5, as Mojang is getting desperate for ideas for MCE seasons.
 * 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 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.