Elrond Rebrands To MultiversX: Will Focus On Metaverse
- Elrond (EGLD) has confirmed its transition to MultiversX and will offer a number of crypto, metaverse, and Web3 services to its users and has also introduced three new products.
- The first product that the rebranding of the firm will be xFabric followed by xPortal and xWorld, as per statements made during X Day. Paris, MultiversX’s three-day conference that is taking place from November 3 – 5 in France’s former stock exchange, the Palais Brongniart.
- Additionally, world’s first Web3 browser, Opera, announced the integration of NEAR Protocol (NEAR), Elrond (EGLD), as well as Fantom (FTM) blockchains.
Elrond (EGLD), a blockchain protocol that aims to offer extremely fast transaction speeds by using sharding technology to its users, has confirmed its transition to MultiversX and aims to offer a number of crypto, metaverse, and Web3 services to its users. Interestingly, the announcement was made by the CEO and co-founder of the network, Beniamin Mincu, during X Day. Paris, MultiversX’s three-day conference that is taking place from November 3 – 5 in France’s former stock exchange, the Palais Brongniart.
Interestingly, the new venture of the Elrond Network will see the “technology ecosystem for the new internet, which includes fintech, decentralized finance and the Internet of Things,” work on new products that will be focused on the metaverse and related experiences as well. The first product that the rebranding of the firm will be xFabric followed by xPortal and xWorld.
“Incredible amounts of creative energy are being poured into multiple compelling metaverse visions. MultiversX is building the collaborative framework and composable toolkit to set up the stage,” said Benjamin Mincu, CEO and founder of MultiversX.
MultiversX’s (formerly Elrond) first product, xFabric, has been described as a blockchain module capable of heavy customization and that is ready for deployment in just minutes. The second product, xPortal, has been described as a platform for metaverse avatars with financial and social elements while the last product, xWorld, has been described as a network of interoperable metaverses.
“xPortal is a true SuperApp. The portal to the Metaverse. The home for your avatar. Everything finance. A debit card. Friends, chat and social. Accessible to anyone, anywhere in the world,” said Mincu.
The speakers at the X Day.Paris conference, Jean-Noel Barrot, French Minister for Digital Transition and Telecommunications, Sebastian Burduja, Romanian Minister for Research, Innovation and Digitization, were introduced to the new technology and products. Other leading members of fintech and web3 world were also present to witness the new products and hear more about the rebranding of Elrond (EGLD).
However, it is also crucial to note that the rebranding will not effect the working of MetaverX as it will continue to leverage the Elrond blockchain and the EGLD token will continue to power the new platform. The token will be used to secure the network via staking and over the coming months, all the protocols and products development on the blockchain will be migrated to MetaverX ending the rebranding procedure.
Additionally, it is also crucial to note that the firm behind the world’s first dedicated Web3 browser Web3 browser, Opera, announced the integration of NEAR Protocol (NEAR), Elrond (EGLD), as well as Fantom (FTM) blockchains along with existing blockchains Ethereum, Bitcoin, Polygon, BNB Chain.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
