Render Token price prediction: What’s next for RNDR?
The ambitious platform seeks to reduce computing costs, but what is the latest RNDR price prediction?
- What is Render Token (RNDR)?
- Founder of the Render Token
- From the Render whitepaper
- Render Token (RNDR) performance
- RNDR price prediction – expert opinion
A host of crypto companies have emerged that are attempting to improve on legacy technologies. One such enterprise, The Render Network, claims it can harness blockchain technology to revolutionise rendering solutions for videogame graphics.
According to its website: “Render puts the power of GPU rendering at your fingertips, at a fraction of the cost and speed of in-house rendering.”
Render has focused on developing the capabilities of the network in Q1 2022, with particular emphasis on newly-emerging sectors such as the metaverse, 3D simulations and real-time rendering for films and games.
One of the most important developments for the network was adding NFT capabilities to the 3D file format gITF. According to the network, the files become 3D metaverse hyperlink objects that reference “high-fidelity RNDR media streams, while enforcing usage rights to mix and render assets in a real-time metaverse usage.”
On 2 February 2022, Coinbase began listing Render, exposing RNDR to a much wider audience of potential buyers. The price surged to $3.99 on 5 February, a new three-week high, but this ultimately had little effect in the long-running bear market.
Further plans and developments are in store, and the website offers a comprehensive roadmap for the future, including bolstering the RNDR network’s capacity, finishing the RNDR SDK, providing Arnold support (via Hydra in the RNDR SDK) and validating some non-RNDR apps, as well as SiaCoin integration.
As of 23 June 2022 and at the time of writing, the token is trading at $0.55. But what is the latest Render Token price prediction?
Before delving into any forecasts, let’s take a quick overview of the coin.
What is Render Token (RNDR)?
Founded in 2016, the Render Network connects people who want to render graphics with individuals who have graphic processing units (GPUs) available to process the rendering task. After beta testing, the public network launched in 2020 and is backed by parent company OTOY.
A wide range of functions are performed by GPUs, often to render graphics and videos for videogames, video production and artificial intelligence. GPUs also speed up the rendering of 3D graphics. The more advanced GPU technology becomes, the faster, more flexible and more capable of creating realistic visual effects it becomes.
Individuals with idle GPUs can connect to the Render Network and complete rendering jobs for others. Users compensate people for offering up their GPUs in RNDR, the native token of the platform. GPU owners, upon connecting to the platform, become node operators. Users in need of rendering services are called “creators”.
Despite being in great demand, GPUs are often idle when they are not being used by a developer to render their own work. By tapping into these unused resources, the Render Network suggests it can greatly improve inefficiencies in the current system. The platform claims that leveraging idle GPUs can only be done effectively in a decentralised system that “tracks and manages render jobs”.
Founder of the Render Token
The protocol was founded by Jules Urbach, CEO of OTOY, who is based in Los Angeles. Urbach is a serial entrepreneur. After indefinitely deferring a place at Harvard, he developed his first game, Hell Cab, at the tender age of 18.
He subsequently founded Groove Alliance, which produced the first 3D game available on Shockwave.com. Urbach went on to found cloud rendering company OTOY, delivering high-quality graphics, and LightStage, which developed cutting-edge scanning technology.
As founder of the Render Network, Urbach’s “life’s work has been to revolutionise 3D content capture, creation and delivery”.
From the Render whitepaper
The whitepaper states: “Render Token (RNDR) will make the process of rendering and streaming intricate virtual works easier for all users. It will allow complex GPU-based render jobs to be distributed and processed on a peer-to-peer network, making the transactional process of rendering and streaming 3D environments, models, and objects much simpler for end-users.”
The document goes on to say: “The Render Network will eventually evolve to include crowdsourced 3D projects to digital rights management, creating a vibrant new marketplace to fund digital ideas, assets and applications that anyone can access and leverage.”
Before looking at the forecasts, let’s examine the recent Render coin performance.
Render Token (RNDR) performance
The token rose soon after launch, from $0.04677 on 13 June 2020 to $0.2699 on 27 August 2020. However, it subsequently dropped to $0.08932 on 5 November 2020 before rising to $0.1827 on 5 December 2020.
Despite dropping to a low of $0.1171 on 29 January 2021, the price began to rise in February and March, hitting $2.50 on 27 March 2021. But RNDR plunged to $0.3967 on 22 June 2021 before rising to $1.59 on 22 August 2021. Soon after, the token dropped to a low of $0.9609 on 24 October 2021 before rising again to its all-time high of $8.76 on 21 November 2021. But by 10 December 2021, the token had fallen back to $3.50 – only to rise to $6.14 on 23 December 2021.
Despite dropping to a low of $1.98 on 22 January 2022, the token rose once more to $3.84 on 6 February. By the end of February and March, and April the token closed at $2.68, $1.21 and $2.93 respectively. Multiple market-wide crashes battered the already volatile crypto markets: May and June saw some of the steepest declines in value, which saw RNDR below the dollar mark, until finally hitting a 15-month low of $0.2774 on 18 June.
However, Render has recently made two major announcements on Twitter, including attending NFT.NYC2022. In addition to this, Render became available to New York residents on Coinbase:
At the time of writing on 23 June 2022, the Render Token’s price stands at around the $0.55 mark, trading up over 30% from the previous day’s close. According to CoinGecko, the coin has risen 42% in the last seven days but is down almost 34% over the past 30 days.
CoinMarketCap notes there is a maximum supply of 536.87 million RNDR, with a current circulating supply of almost 253.7 million coins (47%). The platform has a market cap of $147m, making it the 146th-largest crypto by that metric.
So, how does this data impact a Render Token price prediction?
RNDR price prediction – expert opinion
It’s important, when looking at Render Token price predictions, to remember that while they may be helpful as an indicator of which direction the price may move in, they should be viewed as possibilities rather than absolutes.
Remember that targets are generated through an automated process, and these algorithms are based on an asset’s historical performance, which is no guarantee of future results. Always make sure to conduct your own comprehensive research and project analysis before committing to an investment, and never invest money you can’t afford to lose.
With all that in mind, let’s look at some RNDR price predictions.
In an optimistic Render Token price prediction for 2023, WalletInvestor forecasts RNDR should go to $2.05 in a year’s time, before increasing to $8.03 in five years’ time.
Gov.Capital, in a more bullish forecast, makes an RNDR price prediction for 2022 suggesting the token will reach $0.94 by the end of July, and break the $5 mark in November. The site forecasts a value of $5.26 a year from now and $46.01 in five years’ time.
DigitalCoinPrice suggests that the average price of the Render Token could be $0.79 by the end of July this year. It also expects the value to recede to $0.76 in November, before hitting $0.80 in December. In 2023 and 2024, the token is projected to reach an average of $0.81. The website’s Render Token price prediction for 2025 stands at $1.10.
The site then forecasts a general year-on-year uptrend, making a Render Token price prediction for 2030 of $2.67.
There is a maximum supply of 536.87 million RNDR, with a current circulating supply of 253.87 million coins (47%).
Potentially. Despite performing well over the past year – and achieving its all-time high of $8.76 in November 2021 – there has since been significant volatility, as well as a marked crypto market downturn.
For this reason, it is important to note that cryptocurrencies are highly volatile assets, and that analysts’ forecasts can be wrong.
Experts seem bullish in regard to the Render Token, with Gov.Capital suggesting a maximum value of $46.01 in five years’ time. But while the coin could go up, it could also go down.
Always remember that forecasts, especially longer-term ones, should be viewed as indicators rather than absolutes. Cryptocurrencies are highly volatile assets. It’s important to bear in mind that analysts’ forecasts can be wrong.
Investing is a highly personal endeavour. Do your own research and try to keep up-to-date on any developments in the Render Token ecoystem that could boost or dampen its prospects.
Remember, investing can be risky. Conduct your own research, and never invest any money that you cannot afford to lose.