Huge graphic products contain many uncompressed and unprocessed information files, which poses one of the challenges to the Metaverse and NFT developers. To solve the above problems, Render Network allows users to earn passive income by renting the processing power of their computers, while helping creators rent processing power to create high-quality products without expensive hardware.
Render Network Overview
Render Network is an interesting project that allows users to earn tens of thousands of dollars by renting out GPU hardware worth a few hundred dollars.
In fact, based on the current RNDR token price (1 RNDR = $1.7), a user could earn up to $24,000 in a year simply by renting a graphics card worth about $800.
To achieve this goal, Render Network has developed OctaneRender software that specifically supports NVIDIA and AMD GPUs. OctaneRender's subunit is OctaneBench, which is used to determine the power of graphics cards and use indicators to classify service rates on the platform. These indicators include the reputation, security, speed, and cost of network nodes.
There are two ways to join the Render Network: as a node operator or as a creator.
The amount of RNDR a user earns or pays depends on the rendering speed and security they expect. For users, there are 3 options, as follows:
Tier 1: Trusted Partner Level. Currently, Tier 1 has not been officially launched.
Tier 2: Priority level. Provides more powerful computing power to handle high resolution and more complex productions, and renders faster than Tier 3 on average.
The third layer: provides the most economical rendering solution, but it is slower, has a lower priority in the rendering queue, and cannot guarantee the required node capacity.
Windows and Apple users with macOS Big Sur or later can access Octane X - a software tool that allows users to tap into the Render Network. In particular, Apple users can also access Octane X Enterprise and Octane X Prime for free.
In particular, Octane X Enterprise allows access to all features including Unity engine, Daz 3D, Adobe After Effects, etc... Octane X Prime is more suitable for small-scale rendering projects. Octane X also allows Apple users to share the output power of their graphics cards and contribute to Render's processing power.
However, there are some drawbacks to this model. What are the risks as a member joining the network or an investor who wants to hold RNDR for the long term? To answer this question, the next section will explain how it works, how to join the network, and the development process of the protocol.
Hereâs how Render Network works:
Rendering is particularly important in the VR/AR and Metaverse industries. Currently, operating costs are the biggest challenge facing developers. Purchasing a graphics card can waste resources and energy because full performance is not always needed.
By sharing the processing power of their computers with Render Network, sharers (also known as node operators) can obtain a corresponding number of RNDR tokens based on the strength of their computers. Conversely, creators with weaker computer performance can easily create high-resolution videos, images, NFTs, metaverses, 3D animations, etc., and use RNDR tokens to pay for services.
When the renderer (or graphics card vendor) completes the work, there will be a watermark (or render proof) to prove that the required work has been completed. In order to release the funds from the escrow account, the creator needs to confirm the end of the work. A certain percentage of the fee will be charged for each transaction on the Render Network, with a rate between 0.5% and 5%.
All renderings on Render Network are copyrighted by their creators. In addition, Render Network also supports the minting of NFTs and the tokenization of rendering products. This enables creators to receive royalties when others trade their NFTs without going through middlemen.
In addition to RNDR tokens, creators who are not familiar with cryptocurrency can also purchase RNDR Credits (an asset backed by RNDR) to pay for services. When creators use RNDR Credits, service providers will receive RNDR as payment.
To introduce Render Network to more users, Render has partnered with some well-known influencers such as Gene Roddenberry, the developer of Star Trek, Alex Ross, the creator of the Marvel series, and Beeple, an NFT developer.
These artists created Archive, which shows how creators can present their works on the blockchain. Another unreleased project is a holographic NFT project with Beeple as the lead developer.
Render is using its platform to test high-resolution images. A typical example is Zomax, a 3D digital artist who has been using the RNDR platform for 16 months to create very high-resolution animations.
How to join the Render Network
So, how do you join the Render Network, share your computerâs processing power, or pay for Render Networkâs services using RNDR tokens?
Join as a Node Operator
The recommended computer types for sharing processing power in Render Network are: NVIDIA GPU with CUDA support, CUBA 10.1 driver, compute capability 3.0 or higher, 6GB VRAM minimum, 8GB VRAM preferred, 32GB+ RAM, 100GB free space.
To start joining the Render Network as a processing power sharer, users need to fill out the Render Network interest form. In this form, users will be added to the joining queue. Users need to provide information about their computer's processing power, such as GPU, RAM, and CPU type. However, participation as a node operator is currently suspended. Users can still fill out the form to wait for the next batch of participation opportunities. (This may be because the number of people offering GPUs exceeds the number of people who need to rent GPUs.)
The amount of RNDR tokens a user earns by providing processing power depends on the power of the userâs computer. For example, using an RTX 2080 graphics card that costs $799 can earn about 13,000 RNDR tokens in a year, which is currently priced at about $24,000 (1 RNDR = $1.89).
The longer the power supply lasts, the greater the profit gained. This is because the electricity bills paid are not increasing significantly (red line), while the number of RNDR tokens earned is increasing (blue line).
It is important to note that GPU suppliers cannot lower their prices to attract more creators. This activity is determined by supply tier, reputation points, and availability. Therefore, this is considered a fair playing field.
Join as a creator
Creators are people who create digital products. By renting processing power from Render Network, they can produce products faster and at a lower cost. These people can be graphic artists, mechanical engineers, AR/VR/XR developers, architects, studio modelers, and more.
To start participating in the Render Network, users need to register here or obtain an OctaneRender license. Prices offered range from $20 to $24 per month. Alternatively, users can try Octane X and OctaneRender for free.
Itâs important to note that Octane X is only available to Apple users and requires 1GB of free space and an online connection.
OctaneRender supports both Apple and Windows users and requires 1GB of free space and an online connection.
In addition, users can also use a demo version of Render Network, which requires a CUDA-compatible graphics card, only allows publishing works of 1000x600 pixels, has no network rendering capabilities, and many other limitations.
Render Network is currently hosting the Render the Metaverse competition, which allows all creators to build products that inspire virtual reality. The prize amount is up to $35,000 per month.
As of 2021, NFTs created on the Render Network have generated over $500 million in revenue for creators of over 250,000 works.
The Render Network rendered more than 2 million frames in the first quarter of 2023, up 2% from the fourth quarter of 2022. In particular, activity on Render increased dramatically in March 2023, with 840,000 frames rendered and more than 230,000 RNDR tokens distributed. This is an increase of 15% and 29% respectively compared to the 729,000 frames and 182,000 RNDR tokens rendered in December 2022.
Render Network Development Updates
Render Network is constantly expanding its network. Some new features include support for Cinema4D, multi-rendering support, more powerful ORBX export tools, and more.
C4D ORBX rendering speed improvement
When using Render Network, publishing files to ORBX format was a hurdle, especially for files with complex geometry and effects coming from Cinema 4D. It took a long time. With updates in Q1 2023, the export speed and stability of Render Network will gradually improve.
Stable Diffusion Demonstration
The advent of artificial intelligence has taken content creation to a new level. To play a key role in using AI for creative purposes, Render Network has developed Stable Diffusion. This is a service that allows you to create an image from a given text.
In addition to services such as NeRF, multi-rendering, light field technology extensions, NFT toolkits, etc., Render Network is continuing to diversify its services for holographic applications and 3D content to make Render more of a center for the virtual economy.
Deploy the BME model
Through RNP-002 and RNP-003, the Render Network community approved the use of Solana to implement a model that balances token issuance (minting) and token destruction (burning), called "Burn and Minting Balance" (BME). It is expected that this model will help RNDR become a deflationary asset class by controlling the issuance volume by limiting the minting and destruction of tokens.
Specifically, the BME model will allow RNDR tokens to be exchanged for points in the form of NFTs, also known as "non-fungible work points." These tokens will be distributed to nodes in the network. This has helped RNDR's price rise by 80% in the past week and 425% since the beginning of the year, from $0.4 to $2.1.
Render Networkâs investment potential
The growth potential of any project depends on its practicality. Render Network is a promising project that can allow companies and creators to save millions of dollars or earn additional passive income by renting their own hardware. Especially in terms of the development potential of the Metaverse, NFTs, and Virtual Reality...
With the participation of prominent figures in the project and the current growth rate, it is safe to say that RNDR is a good investment. The platform will continue to dominate the decentralized cloud rendering industry and become the first choice for many artists. Currently, Render Network has no competitors.
