Layer 1 blockchain network Elrond, a Ethereum competitor, shifts focus to the me...

Layer 1 blockchain network Elrond, a Ethereum competitor, shifts focus to the metaverse after rebrands

Layer 1 blockchain network Elrond, a Ethereum competitor, shifts focus to the metaverse after rebrands

November 6, 2022 0:10 pm

Elrond, a layer 1 blockchain network that aims to address the scalability issues plaguing larger chains like Ethereum, will rebrand as a new blockchain that focus on Metaverse.

The company will rebrand as MultiversX with the introduction of three new metaverse-forward products. xFabric, xPortal and xWorlds..

The new products will have a metaverse portal, digital assets holder, creator utilities and a deployable blockchain module.

The redefinition will have no effect on MultiversX’s plan that build off the community and groundwork the Elrond Network has already put in place,

According to on-chain data tracked by Defi Llama, Elrond so far is the 18th largest chain for Dei activities, with a total value locked (TVL) standing at $158.56 million.

Elrond’s shift toward Metaverse come as many brands, companies are also shifting focus to the next iteration of the internet involving an immersive virtual world facilitated using virtual reality, interoperability across services.

Blockchain games and metaverse projects raised a combined $1.3 billion from venture capital firms between July and September, according to DappRader’s latest report, a signal that venture capital firms are still bullish on the sector as they focus on long term development rather than speculating short-term asset appreciation.

According to the report, metaverse infrastructure projects made up over 36% of investments for that quarter.

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