Blockchain-focused firm Elrond has announced that it is taking a new dive into the metaverse of the crypto sector. According to its announcement, the company noted that it would henceforth continue under the “MultiversX” banner. With this new update, the company has also announced that it will roll out its first three products for participants in the metaverse.
Elrond plans to roll out new products
In the announcement, Elrond claimed that the products which will be released in due time will be looking to help both creators and consumers in the sector. The said products include xFabric, xWorlds, and xPortals. The products will include several aspects of services in the market like a crypto wallet, and a module.
In his review of the update, CEO Benjamin Mincu explained that their sole focus is to provide services that will serve the greater good of those that are in the space. An official statement culled from the website mentioned that this new platform will continue on the path that Elrond laid down. Speaking about the reaction of its users, the CEO mentioned that its users are open to new updates.
More companies are moving to the metaverse
The blockchain platform has been very active in the crypto market over the last few months. A typical example is the National Research Institute in Romania confirmed that it will tap the platform to create a DeFi platform. This latest move into the metaverse sector is coming off the back of other firms making inroads into the market. Although there have been reports that users have been slow in adopting the technology, companies are still entering the sector.
A typical example is a new partnership that saw the birth of Microsoft office apps in the metaverse. Another example is the tax office in Norway moving into the metaverse to enable young people trying to pay taxes. A report last quarter claimed that over $1 billion have been transacted over the past few months. The report claims that about 30% of the products were located in the metaverse. The Web3 space has also seen an influx of new products for metaverse users.