Blockchain developer Elrond is switching its focus to the metaverse, and in order to reflect that has now rebranded itself as MultiversX, the company said during its XDay event in Paris on 3 November.
According to the announcement, Elrond will use its experience in developing a layer 1 blockchain focused on scalability and advance the web3 space with the release of metaverse-focused products. Under its new name, MultiversX, the company has released three new products — xFabric, xPortal, and xWorlds — all of which were designed to help metaverse creators and users. The founder and CEO of Elrond, Beniamin Mincu, tweeted:
On the MultiversX website, xFabric is described as an easily deployable blockchain module that includes a “great set of features and use cases for any creative, brand, or company”. xPortal will be the home of users avatars in the metaverse, as well as a hub for “everything finance”, while xWorlds was designed as a “network of interoperable metaverses”. The company claims that “MultiversX is the most advanced blockchain architecture in the world, and the most impactful ecosystem spanning DeFi, NFTs, Web3 and the Metaverse”.
Elrond appears to be following in the steps of social media giant Facebook, which last year rebranded itself to Meta as it switched its focus on a metaverse project. While still not in the mainstream, the metaverse has started to attract the attention of various governments and agencies. Back in July, Shanghai included the metaverse in its five-year development plan, while Dubai adopted a new metaverse strategy with the hope of attracting more than 1,000 projects by 2030. International police organization Interpol also launched the “first ever” metaverse specifically designed to offer law enforcement training courses last month.