Big data token Render has quickly become one of the most talked-about cryptocurrencies due to its rally in Q1 2023, a period where certain areas of the crypto-economy such as the NFT space struggled to maintain its metrics.
At one point in February, RNDR was ranked second (2nd) in year-to-date (YTD) gains among the top 100 digital currencies by market capitalization. The token closed on March 31 with a trading price of $1.3739 after opening the year at just $0.4026.
Big data token Render soared massively in February
Much of Render’s returns came when the founder of cloud rendering company OTOY, Jules Urbach, introduced spectrally correct GPU render engine OctaneRender in February. OctaneRender has become extremely popular in the gaming and film industry due to its extensive features.
Urbach is also the brains behinzd RNDR, and in December 2022, his team launched a smartphone version of OctaneRender, OctaneX. The mobile app can be accessed on Apple’s M1 and M2 iPads.
Since the Render protocol can be used by NFT artists, architects, interior designers, metaverse developers, animators, and gaming platforms, those using OctaneX can tan trigger RNDR’s utility as a token for their graphic processing needs.
A new tokenomics model proposal called ‘Burnt-and Mint’ was recently introduced by governance token holders. It allows new artists to burn a required amount of RNDR in exchange for non-fungible work credits, which are then distributed to node operators. The development effectively made RNDR a deflationary token.
As a result, many investors recognized potential scarcity in the price of the token and decided to buy more with an eye on medium to long-term gains.
This contributed to Render reaching a quarterly high price of $2.1827 on February 7. On that day, the market cap of the entire project soared to approximately $542 million.
Big Data Token Render flips Fetch.ai (FET)
Until recently, RNDR has not been a member of the big league of big data and artificial intelligence (AI) tokens familiar to active traders. Most traders know of FET because of AI’s dominance in the technology industry in 2023, in large part to ChatGPT’s stratospheric success.
Despite this, RNDR has climbed several places and trails only SingularityNET (AGIX) and GRT. It currently commands a market value that is above Injective, Oasis Network (ROSE), and FET.
Future of Render and its novel token
The gaming industry has been forecasted to be worth $267 billion by 2025. The metaverse market will reach $1.42 trillion by 2031 at a compound annual growth rate (CAGR) of 38.97%. And the NFT market has been projected to be worth over $200 billion in the near term.
Since these markets correlate with one another, positive market sentiment in these areas of the blockchain-powered economy could result in a spike in the price of RNDR.
As of 13:00 UTC, RNDR continues to gain traction in the market, and it’s supported by over 40 centralized and decentralized exchanges including Binance, Coinbase Pro, BitMart, Huobi Global, and Uniswap Vaults 2 & 3.
Disclaimer: Not financial advice. DYOY.