Elrond (EGLD) Rebrands to MultiversX, Shifts Focus to Web3 and Metaverse
The blockchain project Elrond (EGLD) has announced a rebrand to MultiversX, aligning itself with the emerging focus on the metaverse and Web3.
Elrond, a Layer-1 blockchain project initially launched to address scalability issues, had its Initial Exchange Offering (IEO) on Binance in 2019, garnering significant community interest. With the growing prominence and potential of the metaverse sector, Elrond is now pivoting its focus toward enhancing Web3 and metaverse experiences, leading to its rebranding as MultiversX.
Elrond transforms and expands into MultiversX.
— Beniamin Mincu | sharding/acc 🔥🛠️ (@beniaminmincu) November 4, 2022
We are opening a bridge between worlds, at the intersection of worlds, and across worlds.
This is our new challenge. One that we'll expand on for years to come.https://t.co/HAkvnQPYsI
Rebranding is not uncommon in the crypto community, though it may not always be well-received. A notable example is Facebook’s rebranding to Meta as it shifted its focus to the metaverse.
However, it appears that the rebranding did not improve Facebook’s "feng shui," as Meta’s metaverse segment continued to face substantial losses in Q3 2022. The community hopes that MultiversX will avoid similar pitfalls as the social media giant.
As of now, EGLD is trading around $60, showing no significant movement compared to the previous 24 hours. It seems the rebranding news has not generated much excitement within the community.
1H Chart of EGLD/USDT on Binance as of 07:40 PM on November 4, 2022
