Elrond transforms into MultiversX to open Metaverse to the world

Elrond's latest decision to become a Metaverse-focused company is the first of its kind, where a top 50 cryptocurrency project rebranded itself entirely. The changes that followed are going to be targeting virtual world users in particular. Whether or not this could also positively impact EGLD's price is yet to be seen.

Elrond transitions into MultiversX

Elrond announced during its X Day international conference event that the company would change its name and looks into MultiversX. Elrond's rebranding is not just limited to the surface, as the company is also becoming new from within. The company will be moving on from the real world to focus on the virtual world. 

In order to facilitate the same, MultiversX has also launched three new products - xFabric, xPortal and xWorld. xFabric will be used as a sovereign blockchain module that is completely customizable, whereas xPortal will act as a platform for Metaverse avatars for everything social. xWorld, on the other hand, is defined as a network of interoperable Metaverses.

The CEO of MultiversX, Beniamin Mincu, commented on the same, saying,

"MultiversX introduces a new collaboration framework and toolset that creates the premises for a game with a major and positive impact: redefining the entire spectrum of human experiences and reinventing every business vertical in this new light."

Building on the already existing chain and infrastructure will allow MultiversX to set its footing in the space much quicker. Furthermore, EGLD might benefit from this.

Elrond price looking at the top

Gradually increasing over the last month, EGLD can be seen trading at $60.6. Although no immediate impact can be seen on the price, if MultiversX succeeds, it will be looking to continue going up.

For now, bullish cues will drive EGLD towards $67.2, which has been acting as a strong resistance since June this year. Flipping it into support will enable EGLd to eventually rise to $80.

However, if the bearish weight increases, EGLD could begin declining, but it will still have the critical support line at $51. 

EGLDUSD 1-day chart

This zone is still not the worst area for an EGLD trader as Elrond is bound to bounce off of it, making the opportunity of a profit far higher.