- The native token of the decentralized GPU provider, Render Token (RNDR), has been on a strong rally, outperforming the entire crypto market.
- In the last 30 days, RNDR has gained 305% to trade as high as $1.78 for the first time since May 2022.
- The rally is fueled by several events, including the launch of the Render Network Foundation and the approval of the RNP-001 (v2) proposal.
- The Render Network was also used by Blake to create Lil Nas X’s music video “Long Live Montero.”
Render Token (RNDR) is the native token distributed by the Render Network – a decentralized GPU provider built on Ethereum to connect 3D artists with node operators with idle GPUs required to process the renders.
RNDR is used to pay artists who rent out their GPUs. However, all RNDR payments are stored in escrow during the rendering process and are only released when the commissioning artist manually verifies successful work.
To prevent fraudulent acts by both lenders and users of the GPU, the Render Network watermarks all assets rendered on the network until payment is successfully disbursed. RNDR also acts as the governance token used to vote on the protocol.
January has been packed filled with events in the Render Network. The project recently established the Render Network Foundation (RNF), a non-profit organization. The RNF is a major step in the continuing decentralization and development of the Render Network.
The Foundation has already taken over the core Render Network Repos and the Render Network brand. The foundation’s establishment was followed by a community vote on the RNP-001 (v2) proposal.
The recent proposal by the Render DAO to make RNDR a payment denomination between artists and operators by implementing a burn and mint equilibrium (BME) was unanimously approved to be implemented on the network.
The Render Network team announced that the popular American Rapper Lil Nas X’s music video “Long Live Montero,” created by Blake, heavily featured visuals using the Render Network.
The generative art projects of Render Network are also finding increasing usage in NFTs and digital art. BOXED, created by Render Network creator Lorem, is now showing at Bright Moments Berlin, one of the world’s leading Web3 digital art galleries.
Render Token (RNDR) has experienced a sustained uptrend, outperforming the crypto market in the process. In the last week, RNDR has spiked by gained 94% and 305% in the last 30 days.
The 7-day price chart for Render Token (RNDR). Source: CoinMarketCap
The recent rally has seen the price of RNDR jump as high as $1.78 – highs last seen in May 2022. With the rally cooling off, RNDR lost 1.98% over the last 24 hours and trades at $1.65.
The 30-day price chart for Render Token (RNDR). Source: CoinMarketCap
The rally has seen Render Token re-enter the top 100 cryptos ranked by market cap. Render Token is now ranked 91st, having a market cap of $427.03 million.
The procedure for the implementation of the proposal is underway. When implemented, artists on the network would burn a required amount of RNDR in exchange for non-fungible credits, which would be distributed to the node operators.
According to the proposal, implementing the BME mechanism on the Render Network will make RNDR a commodity asset that could become deflationary in the long term.
The popular non-fungible token (NFT) creator, David Ariew (aka OctaneJesus), has also announced that he has been using the Render Network to create his latest project, “Diamond Dawn.” However, details for the launch are yet to be revealed.
On the Flipside
- Despite its recent resurgence, the Render Network is far from its peak usage and demand period.
- In November 2021, amidst the high usage of the Render Network, RNDR traded as high as $8.76.
The uniqueness of the Render Network has helped it build a community almost entirely of creators, as the idea resonates better with them.
Community members are always keen on sharing their bullish outlook on the project and the RNDR token. Pro Tharan, a motion graphics designer, shares his thoughts on the project:
Pro-crypto creator, @Deity_of_Crypto shares his thoughts on RNDR:
Why You Should Care
The Render Network is a unique project, allowing users to individuals to contribute their unused GPU power to help projects render motion graphics and visual effects. With its growing use in the NFT and digital art space, RNDR is bound to benefit and could continue driving its price higher.