The blockchain developer rebrands its name to MultiversX and shifted emphasis to the creation of metaverse and unveiled three new products.
Elrond, a maker of blockchain technology, declared that it would reposition itself as a new name with a focus on the metaverse.
Three new metaverse-focused products will be released by the company, formerly known as Elrond, under its new moniker, MultiversX. The three new tools, xfabric, xPortal, and xWorlds, all aim to assist users and developers of the metaverse.
A metaverse site, a digital asset holder, creator utilities, and a deployable blockchain module are among the available tools. Elrond’s CEO, Beniamin Mincu, said that the new reorganization will benefit both virtual and augmented reality.
“We are now in the position to create a larger path towards growth, adoption and utility, for the real world, and the metaverse.”
According to MultiversX, it intends to build on the ecosystem, existing technology, and community that the Elrond Network has already established. According to Mincu, the people of Elrond have always been supportive of advancements.
“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.”
The National Institute for Research and Development in Informatics in Bucharest, Romania, declared earlier this year that it will create a decentralized domain system and an NFT marketplace using the Elrond blockchain.
Elrond recently changed his focus to the metaverse, joining a large number of other companies, networks, and even people who are doing the same.
Companies continue to pour money into the metaverse despite recent reports on poor engagement rates being debunked.
A Norwegian tax agency recently opened an office in Decentraland to appeal to younger generations, and Meta and Microsoft just integrated Office 365 apps into the metaverse.
According to a Q3 report from DappRadar, venture capital investments in blockchain gaming and metaverse projects totaled $1.3 billion from July to September.
The same report states that investments in metaverse infrastructure projects accounted for nearly 36% of all investments during that quarter. In order to create better digital experiences for consumers, developers throughout the Web3 sector have also raised their metaverse game with new technology rollouts.
