Render (RNDR) Climbs 60% This Month, Keeps Investors Upbeat With These Developments
With AI enveloping much of the media we consume nowadays, Render (RNDR) rides the bullish wave around generative content. According to Coingecko, the token is up over 26% this week with the biggest jump occurring at the monthly timeframe at 60%. It shows that investors are still excited by Render’s possible role within the media space.
The protocol is continuing to develop its capabilities relative to the needs of the media and AI industries. For example, 2023 brought Render to the eyes of the broader public as it carried out its first rendering jobs for the Las Vegas Sphere and Apple with its Apple Vision Pro.
2024 is The Year For AI
The Render Network’s position as a decentralized GPU-based rendering solution provider is strengthened by this year’s developments in generative AI. One example that has been making rounds on the internet is Sora, OpenAI’s newest entry in the realm of generative content. Capable of creating high-fidelity prompts, Sora becomes the poster child of generative content.
“What is exciting about this level of quality is how well defined 4D scene elements are preserved in latent space – IMO that is key to blending/decomposing neural generated assets within a rendered scene graph,” said the founder and CEO of OTOY Jules Urbach, highlighting the role of Render in the coming future.
.@EMostaque 100% Yes!
And – beyond pixels – Gen AI at this fidelity means we are closing in on generating true rendering primitives (rays/surfaces/BDRFs).
We need to get there for non-raster devices and endpoints: real time video games, spatial platforms – or as @sama, myself… https://t.co/8ca5qNoR33
— Jules Urbach (@JulesUrbach) February 15, 2024
“I believe crossing over this threshold in the very near future will be life-changing for many creators and artists. High friction pain points in digital content creation may soon be re-imagined – without limiting the value and artistry of authentic human creativity and expression,” Urbach added.
Along with the variety of AI products released by big tech companies like META, NVIDIA, and Google, investors are eyeing the growth of Render as a major player in the cloud-based rendering space.
More Partners, More Growth
Since its implementation of RNP-004, partnerships with other Web 3 organizations has grown. This month, Nosana was added after RNP-008 was passed in the final vote. The new addition joins the likes of IO.net, Beam, and FedM1.
RNDR Slows As Market Becomes Sluggish
As the hot and bullish market cools, RNDR follows the broader market in its decline in the coming weeks. Investors and traders should be wary of how RNDR reacts to outside pressure. With this in mind, bulls should target the 50% retracement level to slow down any bearish pressure in the short to medium term.
If the bulls fail to materialize any resistance against the bears, the bears can bring RNDR down to $4.6.
Featured image from Pexels, chart from TradingView
