DEFIDEVELOPMENT

Metaverse concept token RNDR has tripled in value since the beginning of the year, with Beeple also joining as an advisor.

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Metaverse concept token RNDR has tripled in value since the beginning of the year, with Beeple also joining as an advisor.

In the optimistic atmosphere where the market expects the end of the interest rate hike cycle, both the stock market and the cryptocurrency market have seen good rebound trends this year. The concept of the metaverse has also performed well, with the stock price of Meta, named after the metaverse, doubling from its low point, and the long-established cryptocurrency project RNDR once again leading the list of price increases, having tripled in value so far this year.

What is Render?

In 3D software, there is a term called Render, which refers to the process of creating model images through computer programs.

As 3D graphics become increasingly realistic and sophisticated, creators require substantial GPU computational support during the rendering process. Render Network utilizes blockchain technology to provide a distributed GPU rendering platform, allowing nodes to offer idle GPUs. This allows creators to work without being limited by hardware conditions, enabling them to complete their work with minimal time and cost.

The RNDR project was introduced at the end of 2021. Analyst Lao Bai from Amber Group shared on Twitter his perspective on the Diamond Hand project, mentioning RNDR.

Render's parent company, OTOY, was founded by Jules Urbach in 2009. Jules Urbach established Render Network in 2016 to realize his vision of an open metaverse. In 2017, they combined blockchain technology to create the RNDR token. By utilizing blockchain's reward mechanism, they attracted more nodes to provide GPU computing power, playing a leading role in this professional field.

Strong Advisory Board

OTOY has established a strong advisory board, including well-known figures in the industry such as NFT artist Beeple, Ari Emanuel, co-founder and CEO of a prominent entertainment agency, and former Google CEO Dr. Eric Schmidt. Even J. J. Abrams, the director of Star Wars, has been involved.

With the emergence of more sophisticated 8K content, augmented reality (AR), virtual reality (VR), and metaverse platforms, the demand for GPU computing power will continue to rise. RNDR Network addresses the shortage of computing power from a different perspective. Since October last year, creators can even use Render's services on Apple's iPad and iPhone, supporting more AI models to make the metaverse world more easily achievable.

RNDR Token

RNDR had its first public token sale in October 2017 and conducted a private sale in the first half of 2018, with each RNDR priced at $0.25. At the end of 2021, Render Network completed a $30 million funding round, led by Multicoin Capital, with participation from Alameda Research, Solana Foundation, Sfermion, Vinny Lingham, and Bill Lee.

According to information from coinmarketcap, the current total circulation of RNDR is 250 million tokens out of a total supply of 530 million tokens. With the current price of $1.48, the market value is approximately $375 million, having tripled so far this year.

Recently, Amber Group analyst Lao Bai updated his Diamond Hand series, eliminating some projects but remaining optimistic about RNDR. He mentioned that the project's fundamentals have not changed, but the token model is said to have shifted from inflation to deflation. He also mentioned his buying price at $1.3, which he still holds. However, according to on-chain analysis, during this recent uptrend, a large holder transferred over $21 million worth of RNDR to Binance. The writer once again reminds everyone to do their research before investing and not to follow trends blindly to avoid becoming "leeks"!