Home News Render Network raises $30M from Multicoin Capital and others

Render Network raises $30M from Multicoin Capital and others

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Decentralized rendering project Render Network, which provides 3D rendering tools for non-fungible tokens (NFTs) and metaverse projects, has raised $30 million.

Thus, Multicoin Capital led the funding round. Sfermion, Alameda Ventures and Solana Foundation, as well as business angels Bill Lee and Vinny Lingham were among the participants.

Rendering is a visualization process in computer graphics. The decentralized Render Network makes it possible to do this remotely by buying computing power for native RNDR tokens. Other users, whose graphics processing units (GPUs) are currently idle, provided these tokens.

In the process of integrating Solana and Metaplex support

This approach allows independent digital artists and small studios to access significant computing power without equipment costs. Render Network is currently running on Ethereum and Polygon and is in the process of integrating Solana and Metaplex support.

According to Jules Urbach, the founder of Render Network and CEO of OTOY, the well-known NFT artists as Mike Winkelmann (Beeple), Murat Pak and Frederic Duquette (FVCKRENDER) are using Render Network.

Urbach noted that the total sales of NFT used 3D rendering on the network reached $800 million. The founder also said that the startup plans to create a trading platform on Solana for NFT, 3D resources and services created using the network. To this end, the project intends to double the number of staff, he added.

Users have spent millions of dollars on NFTs

Earlier, Christie’s auction house sold Mike Winkelmann’s NFT “Human One” for $28.9 million.

Recall that Collins Dictionary recognized NFT as the word of 2021. Furthermore, the shortlist of nominees included the words “crypto” and “metaverse”.

The definition of NFT in Collins sounds like “a unique digital certificate, registered in a blockchain, that is used to record the ownership of an asset such as an artwork or a collectible”. Moreover, the dictionary noted that users have spent millions of dollars on NFTs that have entered the mainstream.

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