Startup Render Network, which offers 3D rendering tools for NFT and metaverse projects, has attracted $30 million.
The funding round was reportedly led by Multicoin Capital. However, Alameda Ventures, Sfermion and the Solana Foundation, as well as angel investors Vinny Lingham and Bill Lee, also participated.
Rendering is the process of rendering computer graphics. The Render Network allows the process to be completed remotely by purchasing computing power in exchange for RNDR tokens. These are provided by other users whose GPUs are idle.
This approach allows independent digital artists and small studios to access significant computing power without having to purchase hardware.
Render Network is currently running on Ethereum and Polygon and may soon integrate support for Solana and Metaplex.
Render Network founder and OTOY CEO Jules Urbach has said Render Network is used by renowned NFT artists such as Mike Winkelmann (Beeple), Pak and FVCKRENDER.
Urbach has noted that the total sales of NFTs created using 3D rendering on the web have reached $800 million.