Decentralized Rendering Engine Raises $30M as Metaverse Graphics Go Big

Multicoin, Alameda and the Solana Foundation are backing Render Network’s vision for a decentralized alternative to Pixar’s massive rendering farms.

AccessTimeIconDec 21, 2021 at 3:00 p.m. UTC
Updated May 11, 2023 at 7:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

A decentralized alternative to Pixar’s mighty 3D rendering is poised to grow stronger after host protocol Render Network nabbed $30 million in financing, according to sources.

In a press release, Render Network, which allows digital artists to pay for pooled computer rendering power, said it will double its headcount, improve its “rendering engine” integrations and gear up for non-fungible token issuance as it looks to grow its community.

  • Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
    06:39
    Why Sequoia Capital Is Raising $600M to Launch New Crypto Fund
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
    06:14
    Twitter Joined $20M Funding Round for Bitcoin Payments Provider OpenNode
  • Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
    06:55
    Polygon Raises $450M to Build Web 3 Applications, Invest in Zero-knowledge Tech
  • Rendering is the process of generating a photorealistic or non-photorealistic image from a 2D or 3D model by means of a computer program.

    “We have only 10,000 out of potentially tens of millions of artists plugged in,” founder Jules Urbach told CoinDesk. He’s also the CEO of Otoy, a rendering software company closely aligned with the Render Network.

    Facebook’s Meta rebranding has driven newfound interest in the future of virtual worlds, including who will own the metaverse. Against that backdrop, the Render project, which pools idle GPUs and pays their operators in RNDR tokens, is perhaps best understood as an infrastructure play.

    That prospect captured the interests of key stakeholders in the Solana ecosystem, including lead backer Multicoin Capital, Alameda Research and the Solana Foundation. Sfermion, an NFT venture firm, also participated.

    “The funding is essential for growing the Render Network,” Urbach said. “The things that we have to do are, frankly, pretty massive.”

    Urbach said the round closed irrespective of Meta headlines. He declined to discuss financials. A representative at Multicoin confirmed the $30 million token deal.

    Urbach said activity has “tripled” in recent months as more artists use the network to render complex artwork, such as 3D objects and animation, that their home computer can’t handle.

    Render pools idle GPUs to create a peer-to-peer service network that Urbach said rivals Pixar’s massive rendering farms in power and is cheaper for artists than cloud services, like those offered by Amazon.

    Its native RNDR, the payments token that node runners receive in exchange for their computing power, is already live on Ethereum and the layer 2 Polygon systwm. Superfast layer 1, or base layer, Solana is next, according to Urbach, who also has his eyes on Metaplex, that ecosystem’s NFT hub.

    RNDR’s price spiked on the news and is up 34% over the past 24 hours, according to CoinGecko.

    UPDATE (Dec. 21, 17:41 UTC): Adds price movement.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about