Elrond Revamps into MultiversX to Reflect its Metaverse Orientation

Elrond, a blockchain technology developer announced the beginning of a new chapter as it revamps into a Metaverse startup called MultiversX.

The blockchain platform is looking to explore the metaverse development, Web3.0 ecosystem, and blockchain with this new transformation. The announcement was made at the X-Day event hosted by Elrond in Paris which has been on from November 3rd till November 5th.

“We’re excited to tell you that starting today Elrond is transforming and expanding into the MultiversX. With this new technology, our product set expands with a new constellation of projects. (…) We want to encourage people, companies, and countries to build new applications”, said Beniamin Mincu, the Chief Executive Officer of Elrond Network, now MultiversX.

CEO Mincu also took to Twitter to reiterate the news about the launch of the MultiversX project. According to the official website of MultiversX, this metaverse startup “is a highly scalable, secure and decentralized blockchain network created to enable radically new applications, for users, businesses, society, and the new metaverse frontier.”

MultiversX Rolls Out Three x-suite Products

Henceforth, Elrond will leverage its former work as a Layer 1 blockchain which is focused on full scalability to propagate Web3.0 development and roll out metaverse-oriented products.

To begin with, three products are set to be introduced in earnest following the rebranding. With its focus on metaverse creators, developers, and users, xFabric, xPortal, and xWorlds were instituted. 

This suite of tools will include a metaverse portal, digital assets holder, creator utilities, and a deployable blockchain module. 

xFabric is a sovereign blockchain module, and core blockchain application that has some features and uses cases for brands.

xPortal is the metaverse portal that serves as a window to several services including finances. While xWorlds is a network of interoperable metaverses, more like a planet of metaverses.

The MultiversX CEO declared that the rebranding will be beneficial both to the digital and physical reality seeing that it creates a “larger path towards growth, adoption, and utility, for the real world, and the metaverse.” 

Similarly, the social media giant platform Facebook underwent a rebranding process to reflect its recent momentum on building the metaverse. In effect, it took on the name Meta as a reflection of its new alignment.