MultiversX aims to transform into an important metaverse project. These successes have been achieved so far along the way.
• MultiversX is making some progress
• Numerous product mergers and partnerships
• InvestorsObserver rates MultiversX (EGLD) at Medium Risk
In 2022, the Facebook company Meta triggered a real hype around the Metaverse, a three-dimensional interactive and immersive environment that people can access via various devices. Numerous market observers hoped that this technology would achieve growth rates comparable to those of the Internet in a few years. Elrond, a Layer 1 blockchain that was officially launched as a mass-market smart contract platform in 2020, also jumped on this bandwagon and set itself the goal of growing into one of the most important Metaverse projects. In order to clearly express this, it renamed itself MultiversX in November 2022.
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However, the actual final functionality of this new technology has not yet been determined; after all, the development of the Metaverse is still in an early phase. This is probably one of the reasons why the initial euphoria surrounding the Metaverse has now evaporated. But what happened to MultiversX?
Advances in commercial products
In a guest article on “BTC Echo” Dr. Stephanie Morgenroth explains what development steps MultiversX (EGLD) has taken since then. Accordingly, there have been some changes to existing products since the rebranding, for example the Ad Astra Bridge became the xBridge, which connects MultiversX with Ethereum and the Binance Smart Chain. Furthermore, Utrust and Twispay were merged into a new mass payment network called xmoney.
In addition, three new mass market products have been rolled out to help open up commercial Web3 and Metaverse use cases. These are xFabric, a modular Web3 operating system, xPortal, a kind of gamified super payment app and finally xWorld, an interoperable metaverse project.
Better incentives
With “Hypergrowth”, a 1,000-day growth strategy was also presented in June 2023 on how the set goals should be achieved. In this context, for example, regular video calls for community members, developer and validator sessions, programs for brand ambassadors and developer competitions should be initiated in order to create more incentives for users and developers.
We’ve come a long way.
Built a strong foundation, and now a focused battle plan.
Ready for the next chapter of $EGLD & #MultiversX.
Hypergrowth begins.https://t.co/OeD5hkitGy pic.twitter.com/2YWuJhpTXd
– Beniamin Mincu — e/acc ????? (@beniaminmincu) June 2, 2023
New partnerships
In addition, MultiversX is increasingly relying on collaborations: a strategic partnership with Tencent Cloud was agreed at the beginning of 2023 in order to bundle their respective strengths in the Web3 and Metaverse areas. At the end of October, additional infrastructure partners were acquired at the xDay conference with Google Cloud, Deutsche Telekom and Amazon Web Services. For example, the Telekom subsidiary Telekom MMS joined the MultiversX network as a validator and as such verifies transactions, creates blocks and protects the network from attacks.
A collaboration with Axelar was also agreed. The company offers an interoperability network of currently over 50 supported chains and will also add Multiversx to this.
Medium Risk Rating for MultiversX (EGLD)
But despite all these efforts, MultiversX (EGLD) is only the 52nd largest cryptocurrency in the world with a market capitalization of $1.31 billion, according to CoinMarketCap. After all, the token was able to increase by 14.57 percent in the last twelve months to currently $49.37 (as of January 26, 2024).
According to InvestorsObserver, MultiversX’s trading patterns over the past year signal that traders are currently neutral on the coin. According to the company’s proprietary rating system, volatility and other factors resulted in an average long-term technical rating of 55 as of January 8, 2024 – EGLD has better long-term technical analysis than 55 percent of cryptocurrencies in circulation. Such a middle rank means the price can still fluctuate widely, but the price is less likely to be manipulated and large moves likely mean increased interest in trading MultiversX, explained trading tool InvestorsObserver.
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