Blockchain technology developer Elrond has announced that it is redefining itself as a new meta-focused brand.
The company, formerly known as Elrond, will move forward under the new name MultiversX with the launch of three new metaverse-forward products. xFabric, xPortal, and xWorlds are the three new tools behind the rebrand, all of which aim to help creators and users of the metaverse.
Tools include a metaverse portal, a digital asset holder, creator tools, and a deployable blockchain module.
Beniamin Mincu, CEO of Elrond, told Cointelegraph that the new rebinding will benefit both digital and physical reality.
“We are now in a position to create a greater path to growth, adoption and utility for the real world and the metaverse.”
MultiversX says it plans to continue building the community and foundations that Elrond Network has already established, such as existing technology and ecosystem. Mincu said the Elrond community has always supported new developments.
“To create a masterpiece, you have to look at the world differently and make bold moves. The community has always appreciated when we took giant leaps forward.”
This was announced earlier this year by the National Institute for Informatics Research and Development in Bucharest, Romania it will use Elrond’s blockchain for development decentralized domain system and NFT marketplace.
This new direction to the metaverse from Elrond comes as many brands, networks and even individuals are also shifting their focus in the same direction.
Despite recent debunked reports of low number of metaverse shotscompanies continue to accumulate. Recently Meta and Microsoft brought Office 365 applications into the metaverse and the Norwegian Tax Agency has opened an office in Decentraland to reach out to younger generations.
DappRadar’s Q3 report revealed that blockchain games and Metaverse projects have collectively raised $1.3 billion in venture capital investments in the period from July to September. According to the same report, metaverse infrastructure projects accounted for more than 36% of investments in the quarter.
Developers across the Web3 space have also upped their metaverse game introduction of new technologies with the aim of creating a better digital environment for users.