Elrond Rebrands Itself as MultiversX to Focus on Metaverse

• MultiversX claims it will expand upon the Elrond Network’s established ecosystem.
• Companies keep investing in metaverse despite claims of low user numbers.

Elrond, a company that specializes in blockchain technology, recently made the announcement that it will rebrand itself with an emphasis on the metaverse.

The firm has rebranded as MultiversX and is releasing three new metaverse-forward products. The rebranding centers on three new resources—xFabric, xPortal, and xWorlds—designed to facilitate the development and usage of metaverse.

Eager to Welcome Change

A metaverse site, digital asset holder, creator utilities, and a blockchain deployment module are all part of the suite of tools. MultiversX CEO Beniamin Mincu told that the company’s rebranding would improve its presence in both virtual and actual worlds.

MultiversX claims it will expand upon the Elrond Network’s established ecosystem, as well as its current technology and community. According to Mincu, the people of Elrond have always been eager to welcome change.

The National Institute for Research and Development in Informatics in Bucharest, Romania, has revealed plans to build a decentralized domain system and an NFT marketplace on the Elrond blockchain. Elrond’s recent change in strategy reflects a broader trend in which companies, media outlets, and consumers are all reorienting their attention toward the metaverse.

Companies keep investing in the metaverse despite claims of low user numbers. A Norwegian tax agency has set up shop in Decentraland in an effort to connect with millennials while Microsoft has recently delivered Office 365 programmes to the metaverse.

DappRadar’s Q3 research showed that between July and September, blockchain gaming and metaverse companies attracted $1.3 billion in VC funding. Over 36% of the funding that quarter went toward metaverse infrastructure initiatives, the same research claims.

Recommended For You:

The Open Metaverse Alliance (OMA3) Launches at Web Summit in Lisbon