Render Network Raised $30M From Alameda, Solana And More

Render Network raised $30 million from Solana, Alameda Research and more to provide a decentralized network and 3D rendering power for NFTs so let’s read more in our latest cryptocurrency news today.

Render Network is a peer-to-peer service for providing 3d rendering power. Now, Render Network raised $30 million and the leading NFT artist Beeple is an advisor to this platform with other notable NFT creators using it as well. The 3D rendering network was used by an array of creators during this year’s NFT markets boom like a famed artist and advisor to the project, Mike “Beeple” Winklemann. With an eye towards the growing metaverse, the platform announced a new round of funding.

The strategic funding round also featured participation from the Solana Foundation, Sfermoion, Alameda Research, and angel investors Bill Lee and Vinny Lingham confirmed that it is a million round that is bringing Render’s total funding to date to million.
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Render Network is a decentralized peer-to-peer network that allows users to get into remote rendering power that is needed to bring 3d visuals to artwork, videos, and games. The users can transact with the network’s RNDR token to buy rendering power provided by other users’ computers via their GPUs or graphics processing units.

It’s a similar approach to cloud rendering services provided by Amazon and Google without a centralized party in the middle. The platform Allows individual creators and smaller studios to tap into huge amounts of distributed rendering power without the expense of building a local rendering farm. Jules Urbach who is the founder of the project and CEO of OTOY who is the creator of OctaneRender software said that an estimated $800 million worth of NFTs sold to date that tapped into RN for 3D rendering needs. In addition to Beeple, the notable NFT artists like PAK, Blake Kathryn also use it.

Urbach anticipates even more demand for this platform as the metaverse is taking shape. The metaverse refers to a vision of the internet in which the users interact with 3D avatars. Beeple is the best-known NFT artist today thanks to its NFT sale for Christie’s Auction in March for $69,3 million. Beeple also helped Render Network work on a digital archive for people like Star Trek creator Gene Roddenberry and artist Alex Ross. Urbach suggested that Beeple and Render NEtwork will help artists share work fully with the collectors to enable day-to-day artwork created between NFT drops and to allow fans to explore within 3D generated artwork.