Elrond, a decentralized finance-oriented blockchain, is undergoing a massive transformation as the startup rebrands to MetaversX. The move is meant to reflect the new direction of the company, which will focus on building metaverse-related products.
Elrond was one of the first projects to fundraise through the Binance Launchpad back in 2019. It has built a proprietary blockchain network that merges its Secure Proof of Stake (PoS) consensus mechanism with the so-called Adaptive State Sharding approach, achieving ultimate scalability.
With a capacity to process over 10,000 transactions per second (tps) at a low cost, Elrond has been ideal for decentralized finance (DeFi) applications and other dApps.
The ecosystem will leverage its existing infrastructure and community to explore metaverse use cases. Elrond announced that it was expanding its mission to build the new internet economy and focus on the metaverse space.
Elrond (now MultiversX) founder and CEO Beniamin Mincu commented:
“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 for a positive sum game of enormous stakes. For reimagining the entire spectrum of human experience and for reinventing the frontend of every business vertical.”
MultiversX Launches 3 New Products
MultiversX, which already has its own website, announced the launch of three new products that will be the pillars of its metaverse vision:
- xFabric is a sovereign blockchain module that can host core blockchain applications. It is fully customizable and can be deployed within minutes. The product comes with a wide range of features and use cases for any creative team, brand, or company.
- xPortal is promoted as the portal to the Metaverse. This is where users can host their avatars, conduct financial transactions, and hang out with friends in a virtual world.
- xWorlds is a virtual world creation engine. It powers a network of interoperable metaverse worlds. The platform has been developed in partnership with Improbable, enabling users to enjoy unprecedented experiences deeply integrated with xPortal and xFabric.
MultiversX is an all-inclusive ecosystem that can integrate metaverse, Web3, and DeFi applications, as well as NFTs. The team is developing the most advanced blockchain architecture in the world to empower unmatched metaverse experiences.
The rebranding was announced at the beginning of November during a 3-day event at the Brongniart palace in Paris. It hosted Jean-Noel Barrot, French Minister for Digital Transition and Telecommunications, Sebastian Burduja, Romanian Minister of Research, Innovation, and Digitalization, and other leading figures of the finance, blockchain, Web3, and metaverse industries.
The metaverse is a multi-trillion opportunity, and MultiversX is poised to kill the competition thanks to its advanced blockchain infrastructure and fast-growing community.
Elrond had followed in the footsteps of social media behemoth Facebook, which rebranded last year to Meta, demonstrating the vast potential of this emerging trend.
Opera Integrates Elrond
At the X Day conference in Paris, the company also shared more details on the integration with Opera Crypto Browser, the world’s first Web3-oriented browser that supports dApps and a non-custodial wallet. The integration will be completed by the end of this year and will see Opera users being able to send and receive EGLD, Elrond’s native token, through the built-in Opera crypto wallet. Thus, Opera users will be able to tap into a fast blockchain network that can handle over 10,000 tps.
Opera users will also be able to access Elrond-based dApps, including automated trading platform Maiar Exchange, as well as a wide range of play-to-earn (P2E) games, such as Cantina Royale, Knights of Cathena and Age of Zalmoxis, without requiring any third-party browser extensions.
The integration with Opera was first announced in September. Beniamin Mincu said back then:
“The synergy between Elrond and Opera is truly unique. As our technology brings radical improvements in performance and user experience, critical for the next wave of mass adoption, we are a natural fit for Opera’s efforts to support the proliferation of blockchain-based technologies. We are excited to work together to usher in a new chapter of autonomous banking, where financial services are open to anyone, work near-instantly, and are inexpensive.”
Elrond, now MultiversX, is at the forefront of metaverse and Web3 trends thanks to an existing fast and scalable blockchain, a growing community, and high-profile partnerships that helps it consolidate its global reach.