Blog 6 – November 2023 – AI Buys RNDR & AKT

The final additions to the portfolio for the month of November, and last of the free capital to deploy are on artificial intelligence (AI) plays. There’s been much hype around AI for most of 2023. Stocks like Tesla and Nvidia have outperformed the wider market, and the same rings true for crypto AI projects outperforming the wider crypto markets.

AI adoption is starting to seep into everyday life. I look around the office, and people are using things like Chat GPT to rewrite parts of reports. Other aspects of our roles are becoming automated. Key figures in the tech space like Musk talk about a future with autonomous vehicles / driverless taxis, and a future where people will have a couple of robots around the house to help with time consuming and cumbersome tasks/house duties. Whichever way you look at it, AI is rapidly developing. It’s a matter of when, not if. This is similar to my thoughts on crypto adoption. When, not if, and so sets the tone for the following additions to the portfolio.

Render Protocol (RNDR) https://renderfoundation.com/

RNDR is an ERC-20 compatible utility token used to pay for animation, motion graphics, and VFX rendering on the distributed RNDR Network, which is a peer-to-peer GPU compute network that connects creators in need of additional computation power for rendering their scenes to providers that receive RNDR tokens for their GPU power. It allows complex GPU-based render jobs to be distributed and processed on a P2P network, making the transactional process of rendering and streaming 3D environments, models, and objects simpler for end users.

I found the following article thoroughly helpful in summarising the pros and cons.

https://www.coinbureau.com/review/render-network-review/

Below are details of the purchase which I completed on Binance. Once complete I moved the tokens into my hot wallet and accordingly spend tokens in the tfr fee (3 x RNDR).

Akash Network (AKT) https://akash.network/

The second addition is AKT. Akash Network is an open-source Supercloud that allows users to securely and efficiently buy and sell computing resources. It enables users to own their cloud infrastructure, deploy applications, and rent unused cloud resources. Akash operates as a decentralized public utility, utilizing a “reverse auction” system that often offers prices up to 85% lower than other cloud systems. The network is owned and managed by its community and built on dependable technologies like Kubernetes and Cosmos.

The following is a video I found helpful:

Below are details of the purchase which I completed on Kraken.

AKT offers the ability to stake the token using the Keplr Wallet https://www.keplr.app/ . The current yield is 10.71%, with a bond period of 21 days. I found the process fairly straight forward, though the following video is helpful.

AI Gameplan

I plan to hold both of these AI tokens until we are in peak bull market and BTC is at $100k+ per coin. As AI continues to make its way into everyday life, this only further strengthens conviction. I think its rather difficult to put a price target on a specific token. Therefore I am inclined to use the price of BTC, which I do think will pass $100k in time, as a measurement of where we are in the cycle.

An article which explains this far better than I can is:

https://open.substack.com/pub/rektcapital/p/crypto-money-flow-cycle?utm_campaign=post&utm_medium=web

That rounds out portfolio transactions for November. In December I plan to move my focus to qualifying for potential airdrops. There is some great content currently surrounding projects on Solana where airdrops may be imminent and which I will share. This could prove the perfect time given they seem to be shaking off the negative FTX sentiment slowly, and rising somewhat (c600%….) from the ashes.


Disclaimer

It goes without saying nothing on this site or anything associated with Happy Crypto Wanderer is or should be taken as financial advice. This site tracks the hopeful journey of one everyday punter just trying to live out a dream. Come back here every month so you can track the journey. Any and all feedback is much appreciated. If you feel so strongly that you’d like me to stop at any time, a large enough donation to this wallet so I can reach my goal could make all this disappear.

Leave a Comment

Your email address will not be published. Required fields are marked *