Quick Summary:
- Elrond announced it will transform into MultiversX as it introduces three new products and shifts its focus to metaverse development.
- A new brand is bringing new tools to help metaverse creators and users. The tools are xFabric, xPortal, and xWorlds.
As part of the toolkit, there is a metaverse portal, a digital asset holder, creator utilities, and a blockchain module that can be deployed.
Beniamin Mincu, CEO of MultiversX, said: “We are now in the position to create a larger path towards growth, adoption and utility, for the real world, and the metaverse.”
Using existing technologies and the ecosystem that Elrond Network has already established, MultiversX plans to build upon the community and groundwork. Mincu said the Elrond community has always been supportive of new developments: “In order to create a masterpiece, you have to look at the world differently and make bold strokes. The community has always appreciated when we’ve made giant leaps forward.”
It comes at a time when many brands, networks, and even individuals are also shifting their focus towards the metaverse. According to DappRadar’s Q3 report, blockchain games and metaverse projects raised $1.3 billion in venture capital investments from July to September. For the same quarter, metaverse infrastructure projects made up over 36% of investments.
Conclusion
It’s certainly very interesting that a project as big as Elrond is rebranding and entering the metaverse with its name. It certainly shows how much room for growth there is in the metaverse.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
