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Render token saw an influx of attention and investment that got its token rising in value by about 200% in a matter of a week. While the crypto market is in broad downward price action, this month has brought a reprieve from all the red.
After the brutal 2022, during which the crypto market experienced a bear onslaught, leading to prices falling significantly, 2023 started on a positive note. From majors like Bitcoin and Ethereum to even lesser-known altcoins, many cryptocurrencies are catching a bid right now.
With BTC going for $24k and ETH hitting $1,669, the total crypto market cap has risen past the $1.1 trillion mark. This green month, however, has been far more favorable for altcoins, with Render Token being one of them.
With a market capitalization of $353 million, the RNDR token's price was trading under $0.50 up until mid-January, when it started moving up to hit nearly $1.40 over this past weekend. As of writing, RNDR is trading at $1.18, down from its Sunday high. The token is currently down almost 86% from its all-time high of nearly $9 hit in Nov. 2021.
However, this is not the first time that investors have seen Render shoot up in value in tough market conditions. A similar impressive growth was seen by the RNDR token in November when the token stole the crypto spotlight by recording a spike of more than 37% in just 24 hours and nearly 50% in a week.
The token is available for trading on many major cryptocurrency exchanges, including Binance, Coinbase, Kraken, KuCoin, Crypto.com, Upbit, HTX, Bitstamp, Gemini, Poloniex, and Bittrex, as well as Uniswap, QuickSwap, and Balancer.
Rendering the Metaverse
The Render Token is a blockchain-based project that provides distributed rendering services for 3D models and environments in an easy and simple manner. The goal of the Render Token is to have crowdsourced 3D projects for digital rights management in order to create a marketplace for digital assets, ideas, and applications that anyone can access and use.
It is an innovative platform that enables the distribution of complex GPU-based computational services using the industry-leading OTOY operating system. The platform basically allows GPU owners to loan out their GPU power to creators in need of rendering resources.
Render Token was founded in 2016 by Jules Urbach, who is the CEO of OTOY, a cloud rendering company.
The decentralized rendering platform is currently used for filmmaking and producing cinema-quality renders using GPU technology to produce realistic visual effects, similar to Otoy's OctaneRender. Its ecosystem has applications that extend beyond rendering images and films; it can also be used for video games, VR experiences, and any other type of digital media that requires high-quality visuals within an acceptable amount of time.
According to the Render Network team, RNDR aims to establish three solutions for content creators: monetization, rights protection, and giving power to individuals.
RNDR is the ecosystem's ERC-20-compatible utility token, built as a payment mechanism for digital content creators. Last year, the token was listed on popular data aggregators CoinMarketCap and Coingecko, which made it easy for users to keep track of the price of the coin and its market cap.
It is the main currency of the network used to trade rendering and streaming services on the Octane Render Cloud (ORC) network. Users need to create an account on ORC, which will store their Render Tokens.
With the RNDR token, users can earn tokens by registering their workstations on the Render Network. They can also spend their RNDR Tokens on funding rendering projects. The tokens can further be used to transfer funds and users across the network, allowing users to earn more tokens by rendering work and completing jobs.
Additionally, when a user gets a job site or completes a job, they get a small portion of the payment in RNDR tokens. Furthermore, when they refer other users to the network, they get a percentage of whatever those users earn on the network.
Besides the token, the network has also launched RNDR Credits, a user-friendly mechanism for artists to buy rendering power on the network using traditional payment methods like PayPal or Stripe.
Over the past few years, Render Token has constantly been growing and proving itself a powerful project in the crypto community. And with a strong technical team behind RNDR, they are pushing forward with their developments, which is helping its token gain value.
In January, RNDR's price was not the only one that saw growth, but the project did well and brought a slew of exciting news for its fans and users. The team revealed that Blake Kathryn, who has been producing visually innovative work through personal and professional art, NFTs, and more on the Render Network over the years, created visuals for the award-winning rapper, singer, songwriter Lil Nas X's “Long Live Montero” using the Render Network.
Another one has been Render Network creator Lorem, who is releasing BOXED on Foundation, which will also be showcased at Bright Moments Berlin, one of the world's leading Web3 digital art galleries.
Additionally, RNP-001 (v2) went ahead into the final stage of community voting to determine whether or not it would be adopted onto the Network. This proposal would see the Render Network adopt a new tokenomics model known as “Burn-and-Mint Equilibrium,” providing a new governance mechanism and an incentive structure to help the network scale.
Despite prices being affected amid a brutal crypto winter, Render Network continued to focus on strengthening the network's infrastructure and building foundations to enter the next scaling phase for the project while maintaining consistent levels of activity.
The Network implemented a new community-led governance framework amidst the turbulent market by introducing the Render Network Proposal process, which decentralizes network governance, incentivizes users, and helps the network scale to a broader variety of use cases and applications.
On the scalability front, the team made the network more robust by adding OctaneRender to the Render Network Client and expanding its Customer Support capabilities. Apple has featured OctaneRender, the app GPU holders use to participate in the Render Network, on its App Store.
Moreover, some critical updates to the network were increased scene processing throughput, increased speed and efficiency across scenes, more efficient caching, and more intelligent node concurrency algorithms.
As we saw, a contributing factor to Render's success is the team's hard work behind the project, which led RNDR to gain traction despite facing tough times for the past many months. Their commitment to making Render a successful token has helped it reach new heights, allowing it to progress in an ever-evolving crypto world.
Render's developments have resulted in increased trading volumes, organic user base growth, and improved token price performance. This recent rally shows that investors have been bullish on RNDR. This kind of growth has helped boost market sentiment for the RNDR cryptocurrency.
Despite the highly volatile and unpredictable crypto market, Render has been able to maintain steady growth and development with its token, making it a better investment option than some of the more speculative coins on the market.
The rising popularity of RNDR and its price predictions for the future have seen many investors see it as a great long-term investment opportunity. As such, the current bullish trend can even be expected to continue for some time if the broad market sentiments support it.
In the short term, RNDR prices may see a downward shift in their prices, in tandem with not just the crypto market but also the stock market, which is reacting to unfavorable macro conditions.
RNDR token has still shown strength in the middle term, and in the long run, it has the potential to surpass its 2021 peak. There are several price predictions made for Render Token ranging from $3.50 to $ 6.61 in the coming years. But it is important to keep in mind that cryptocurrency markets remain highly volatile, and predictions are difficult to make.
But what's important is projects that continue to build in the bear market can be expected to thrive in the bull market. One of the main trends in the crypto world is the rise of projects that aim to solve the main problems of the industry, and with the Render Token doing exactly that, it can be a big winner in the future.
Also, with NFTs gaining traction and metaverse seen as the future of online interaction and social connection, projects like Render Network made it possible to create 3D and augmented reality graphics using computational capacity that would otherwise go unused to render digital content, which can win big time.
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Gaurav started trading cryptocurrencies in 2017 and has fallen in love with the crypto space ever since. His interest in everything crypto turned him into a writer specializing in cryptocurrencies and blockchain. Soon he found himself working with crypto companies and media outlets. He is also a big-time Batman fan.