Elrond becomes MultiversX to build tomorrow’s metaverse

Elrond blockchain (EGLD) announces a complete overhaul of its ecosystem by making a transition to Metaverse and Web3. As a result, Elrond changed its name to MultiversX and introduced a wide range of new tools to its users while overhauling its existing functionality.

Elrond changes his target, now aiming for the metaverse

Founded in 2017, Elrond is a decentralized (fast) blockchain network designed to provide a multitude of applications, as an alternative to the existing global financial infrastructure.

Behind the concept, the project is particularly focused on developing tools to build a financial ecosystem on its blockchain using a dedicated cryptocurrency (ELGD).

Elrond (EGLD), a decentralized blockchain aiming to develop the Internet of the future, has therefore announced a paradigm shift to MultiversX, a new complete ecosystem centered on the Metaverse and the digital world.

MultiversX believes it has found a solution to facilitate virtual interaction and generate enthusiasm in its community.

In other words, MultiversX will continue its initial project through its blockchain and all the tools that contribute to Elrond’s success, be it the technology, the community or its entire ecosystem. But today, MultiversX has expanded its reach and hopes to create opportunities for the Web3 community to be at the heart of the transition to the Metaverse.

During the demo, the company showed its roadmap for building its open virtual world, with a beta launch on December 10 and an official launch sometime next year. MultiversX is currently recruiting the first 10,000 contributors who will be able to use this metaverse as a preview.

xPortal, the new Maiar

While some competing metaverses are working hard to generate regular use of their solution, the MultiversX team is stepping up their work on the community side.

Through avatars (via xPortal, which itself will be the successor to the Maiar app), participants will be able to interact with other members, buy and sell goods and services. The founders of the project wanted to emphasize the commercial part of their service, hoping to attract the biggest brands in the real world.

An application long limited to the exchange and storage of cryptocurrencies on the Elrond blockchain, Maiar (the new xPortal) will play a crucial role: the application will bridge the gap between the real and virtual worlds.

In addition to the Web3 experience, xPortal will allow any user to be rewarded with cryptocurrencies while being immersed in various metaverses. In addition, xPortal will provide access to many now essential tools such as exchanges, farming, staking or even interaction with the various decentralized applications in the MultiversX network.

Finally, as part of a partnership with Mastercard, people who want to interact in the Metaverse will have the opportunity to own a virtual credit card, for the first time. And to guarantee the connection between the physical world and the virtual world, the latter can also have a map in the real world.

Instant messaging services and many games are directly accessible from it. As for the application-specific wallet, it will be renamed xWallet. It will store cryptocurrencies but also NFTs and can also be used in xWorlds.

France is positioning itself in the digital sector

It is blowing a wind of optimism for the French crypto ecosystem. A few days ago, Finance Minister Bruno Le Maire declared to our colleagues from BFM TV that he would “make the EU the leading economic region in the world in terms of infrastructure and organization of the market for cryptoassets. We want France to be that European hub for the crypto-assets ecosystem.”

As part of the Elrond X Day conference currently taking place at the Palais Brongniart in Paris, Jean-Noël Barrot, the Minister responsible for digital transformation, also took the opportunity to reiterate Emmanuel Macron’s desire to place France as a benchmark for innovation, digital revolution, blockchain and metaverse.

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