Blockchain technology developer Elrond announced it will redefine itself as a new brand with a focus on the metaverse.
The company will move forward under the new name MultiversX with the introduction of three new metaverse-forward products. xFabric, xPortal and xWorlds are the three new tools behind the rebrand, all of which aim to help metaverse creators and users.
The tools include a metaverse portal, digital assets holder, creator utilities and a deployable blockchain module.
Beniamin Mincu, CEO of MultiversX, commented to Cointelegraph that the new rebranding will benefit both digital and physical reality:
“We are now in the position to create a larger path towards growth, adoption and utility, for the real world, and the metaverse.”
MultiversX says it plans to continue to build off the community and groundwork the Elrond Network has already put in place, such as existing technologies and the ecosystem. Mincu said the Elrond community has always been supportive of new developments:
“In order to create a masterpiece, you have to look at the world differently and make bold strokes. The community has always appreciated when we’ve made giant leaps forward.”
Earlier this year, the National Institute for Research and Development In Informatics in Bucharest, Romania, announced it will use the Elrond blockchain to develop a decentralized domain system and an NFT marketplace.
Related: The Sandbox co-founder explains how the metaverse has evolved for brands: Web Summit 2022
This new pivot towards the metaverse from Elrond comes as many brands, networks and even individuals are also shifting focus in the same direction.
Despite recent reports on low numbers of metaverse engagement, companies continue to pile in. Recently, Meta and Microsoft brought Office 365 apps into the metaverse, and a Norwegian tax agency opened an office in Decentraland to reach younger generations.
A Q3 report from DappRadar revealed that blockchain games and metaverse projects combined raised $1.3 billion in venture capital investments in the July-to-September time frame. According to the same report, metaverse infrastructure projects made up over 36% of investments for that quarter.
Developers across the Web3 space have also upped their metaverse game with new technology rollouts in order to build better digital environments for users.