Elrond rebrands as MultiversX to cement its shift towards Metaverse technologies. The shift is accompanied by new tools that kicks-off its Metaverse rebrand by introducing tools that are capable of benefitting numerous digital users.
A well-known blockchain application, Elrond, recently announced its shift towards the Metaverse industry to contribute to the emerging exciting technological and digital products in the Metaverse space. The company kicks this off by renaming itself to MultiversX and introducing new tools that will benefit many users and creators.
The new tools introduced along with the rebrand by MultiversX are xFrabric, xPortal, and xWorlds. These tools are digital asset holders, utilities, and portals that signify the commitment towards this shift and present themselves as valuable use-case within the industry.
Notably, MultiversX will not blindly head towards the Metaverse. The company will move forward by utilizing the existing technologies and its community that has continued to support the company throughout its Web3 journey. The CEO of the now MultibersX has expressed positivity towards this shift which means that we will see more exciting products from the company as time goes on.
The Metaverse Race
Aside from MultiversX, the seemingly sudden shift towards the Metaverse is not a strange concept for the public. The founders behind the massive online-social platform, Facebook, announced its shift towards the Metaverse on October 2021. This was also accompanied by a huge rebranding from its iconic name from Facebook to what it’s now commonly called, META.
META’s shift towards the Metaverse was said to be prompted by the “Metaverse race” during the previous years. Companies like Microsoft, Sony, and Samsung made significant shifts towards the Metaverse during the last five years. These companies inched toward these digital worlds through the release of VR technologies intended for Metaverse use and through massive investment.
Final thoughts
Based on a recent report from Dappradar, GameFi or Metaverse-related projects have received $1.3 billion in VC investments within the last few months. There are also developing technologies like work on Artificial intelligence, intended for the use of the Metaverse.
These long-time and recent shifts by these companies seek to take up as much slice of the Metaverse pie as they can by improving their Metaverse game whichever best they can. No matter what your views are for the coming digital products and worlds created, nobody can deny that a certain version of the Metaverse will eventually come to fruition someday.
