Elrond has rebranded itself as MultiversX and is shifting its focus to the metaverse.

Key points: 

• The company, formerly Elrond, will move forward under the new name MultiversX with three new Metaverse Forward products.
• Products include a Metaverse portal, digital asset holders, creator utilities, and a deployable blockchain engine.
• DappRadar’s Q3 report shows that blockchain gaming and Metaverse projects brought in a combined $1.3 billion in venture capital between July and September.

Blockchain technology developer Elrond has announced that it will rebrand itself as a new Metaverse-focused brand.

The company, formerly Elrond, will move forward under the new name MultiversX with three new Metaverse Forward products. xFabric, xPortal and xWorlds are the three new tools behind the rebrand, all designed to support creators and users of the Metaverse.

Tools include a Metaverse portal, digital asset holders, creator utilities, and a deployable blockchain engine.

Elrond CEO Beniamin Mincu told Cointelegraph that the new band 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 plans to continue the communities and foundations already created by the Elrond network, such as B. Existing technologies and ecosystems to further expand. Mincu said the Elrond community has been supporting 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 of Computer Science Research and Development in Bucharest, Romania, announced that it will use the Elrond blockchain to develop a decentralized domain system and NFT marketplace.

This new pivot towards Elrond Metaverse comes as many brands, networks and even individuals also shift their focus in the same direction.

The company has continued to push higher despite recent reports of a low number of Metaverse engagements. Recently, Meta and Microsoft brought Office 365 applications to the Metaverse, and the Norwegian tax authority opened an office in Decentraland to reach the younger generation.

DappRadar’s Q3 report shows that blockchain gaming and Metaverse projects brought in a combined $1.3 billion in venture capital between July and September. According to the same report, Metaverse infrastructure projects accounted for more than 36% of investments during the quarter.

Developers in the Web3 space have also enhanced their Metaverse gameplay by rolling out new technologies to create a better digital environment for users.