Blockchain startup Elrond has rebranded itself MultiversX to reflect its pivot to metaverse exploration.
Elrond will aim to build on its prior work as a layer 1 blockchain with a focus on scalability to advance Web3 technology in the form of metaverse-related products.
The metaverse is a conceptual world where the internet theoretically becomes an immersive virtual environment that can be used for work, play, socializing, and events. The term “metaverse“ was coined by Neal Stephenson in his 1992 novel “Snow Crash.“
With the rebrand, Elrond would appear to be following the lead of social media giant Facebook, which last year renamed itself Meta to reflect its metaverse-related aspirations.
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