MultiversX's Mission: Rekindling the Fading Flame of the Metaverse

MultiversX’s Mission: Rekindling the Fading Flame of the Metaverse

Time Stamp: November 1, 2023 2:06 AM
  • MultiversX has sought the aid of Google Cloud to boost web3 presence and ultimately save the Metaverse.
  • The Romanian blockchain project introduced three new metaverse-forward products: xFabric, xPortal, and xWorlds.
  • Mincu believed that spatial computing is a better approach to solving the current crisis than VR headsets.

The web3 industry has three core achievements, showcasing its superiority over Web2. Digital Ownership, Decentralized applications, and the Metaverse are the vital accomplishments blockchain technology has made. Each of these three sectors has opened up new doors for opportunity across the globe. For instance, Digital ownership has enabled the government to create a digital identity and voting systems linked directly to the user. 

Decentralized applications have penetrated multiple markets, from agriculture to education institutes and finance’s most promising sector. These two have directly reshaped our view and take on technology, rebranding many organizations. The Metaverse, however, claimed its position differently from the rest. It is a miniature infestation of the Ideal world web3 is trying to build. Its ecosystem provides the perfect environment for all web3 applications to co-exist. This creates fully functioning virtual communities equipped with the means to sustain their virtual economy. 

Despite this grand feat, the Metaverse has recently experienced a significant downward spiral. Many generally term this trend as the Metaverse crash. After receiving billions in investment, the Metaverse has significantly been underutilized, resulting in substantial losses. Today, many organizations have either halted or ultimately terminated their Metaverse platform due to the high maintenance cost and low clientele.

Fortunately, many artists have taken it upon themselves to survive the Metaverse, salvaging its pieces. In recent news, the Romanian blockchain project MultiversX has made numerous efforts, like partnering with Google Cloud, highlighting the need for spatial computing and rebranding to save the Metaverse. 

MultiversX partners with Google Cloud to save the Metaverse 

The Metaverse Crash is an ongoing issue that has plagued many investors, and Tech companies like Meta, Microsoft, IBM, and others have poured billions to ensure its initialization. The vision of Zuckerberg inspired many startups to venture into the sector, and soon, the Metaverse became a widespread concept. In addition, web3 applications achieved what other ecosystems have failed at a functioning virtual economy.

Amid the Metaverse, users could set up shop to sell virtual artwork like NFT, advertise their digital content, or even their web3 music. Through digital ownership, the use of cryptocurrency, and AI capabilities, the Metaverse become a haven of opportunity for many reasons.

MultiversX-Google-Cloud

MutliversX partnered with Google Cloud to overhaul their performance and accommodate non-blockchain companies.[Photo/Medium]

It’s due to this very reason that Africa ended up developing its version, Ubuntuland. Unfortunately, many organizations ran into a unique and significant issue. The included technology to create, maintain, and interact with the Metaverse was too much. According to reports, Decentraland only utilizes less than a third of its vital computational capabilities, signifying how unavailable its services are. 

Also, Read The Metaverse and AI: A bread and the butter relationship.

This issue, alongside the crypto winter, has caused mass disruptions within the Metaverse. Fortunately, MultiversX, a Romanian blockchain project, has rebranded its vision to save the Metaverse and boost its global reach.

To achieve this feat, the Romanian blockchain project has sought the aid of Google Cloud to boost web3 presence and ultimately save the Metaverse. According to the report, Google Cloud’s BigQuery at the warehouse will integrate with MultiversX. This allows Google Cloud to procure better ecosystems for developers and web3 projects. This merge will assist users in deriving valuable insights from robust data analysis and AI tools within the Google Cloud ecosystem.

MultiversX claims the merger will enable both organizations to streamline the execution of large-scale, data-first blockchain projects. In addition, it will assist in expanding the reach of the Metaverse to a large audience without infringing on its performance and quality.

In addition, it will aid developers in accessing data about addresses, transaction amounts, smart contract interactions, and increased on-chain analytics. Currently, the main focus of MultiversX is to improve the useability of the web3 application to smoothen the transition towards a Metaverse-focused enrollment. 

GogleCloud has also clarified that intervening with the Romanian blockchain project enables ecosystem builders to utilize advanced tools and services available on both platforms. This will enhance the performance and scalability of the web3 applications and the Metaverse. In addition, the collaboration seeks to introduce several services. It will allow non-blockchain and blockchain components to co-exist without infringing on the ideals of web3.

Daniel Rood, head of Web3 EMEA at Google Cloud, added, “There are exciting opportunities to enable Web3 developers to build and scale faster and as we explore new verticals within the space, our partnership with MultiversX will allow us to expand our strategy and reach further and solidify our position as one of the main innovation drivers in the blockchain world.” 

MultiversX rebrands to revert the Metaverse Crash.

Initially, the Romanian blockchain project, MultiversX, went by a different name during its founding, Elrond. The company intended to develop web3 applications by creating applications and services that bridge the gap between Web2 and Web3. Initially, it was a blockchain technology developer before announcing its intent to save the Metaverse from crashing.

In November 2022, during the worst period of the web3 community, Elrond foresaw the calamity the FTX crash would eventually cause and chose to seek greener pastures elsewhere. This resulted in Elrond rebranding from a blockchain technology project to a Metaverse-focused entity.

Also, Read Blockchain applications Africans should be excited about.

In addition, the Romanian blockchain project introduced three new metaverse-forward products: xFabric, xPortal, and xWorlds. These tools became the foundation of the rebranding, introducing new services like a metaverse portal, digital asset holder, creator utilities, and a deployable blockchain module.

Elrond-MultiversX

Elrond transitioned its goals and visions to save the Metaverse and became MultiversX.[Photo/City A.M.]

Benjamin Mincu, CEO of MultiversX, stated that the rebranding was inevitable, citing it would eventually pay off. In an interview with Cointelegraph, he said, “We are now in the position to create a larger path towards growth, adoption, and utility, for the real world, and the Metaverse. To create a masterpiece, you have to look at the world differently and make bold strokes. The community has always appreciated when we’ve made giant leaps forward.”

According to the National Institute for Research and Development in Informatics in Bucharest, Romania, Elrond has shifted its focus to improving the Metaverse further. The report cited Mincu’s interest in developing a decentralized domain system and an NFT marketplace. This will boost the income and performance of the Metaverse. The low numbers of Metaverse engagements foreshadowed the Metaverse Crash as organizations continued to shut down their services.

We need spatial computing to improve the Metaverse.

With companies like Apple and Meta battling to develop the most expensive and sophisticated Metaverse platform, each eventually forgot its primary function: to usher in a new era of digital content. Meta would finally focus on designing interactive tools like VR headsets to provide a better Metaverse experience. Apple would turn to spatial computing, focusing on augmented reality, and launch its AR glasses in 2023. Unfortunately, despite the efforts of both billion-dollar industries, the Metaverse crash gradually fruitioned.

Despite this, Mincu believed that spatial computing is a better approach to solving the current crisis than VR headsets. In an interview, he highlighted that the focus on VR headsets eventually leads to high hardware costs. With the existing economic structure of the world, only a fea nation can achieve mass adoption. In addition, VR headsets cannot provide an intuitive experience. He said, “I think the most fundamental one that changes the conversation is viewing a lens or an interface as a spatial computing device. I think this is a very underrated paradigm shift that Apple has introduced. So this is why spatial computing seems like it’s the same thing, which is a different world.“

Thus, Mincu announced that MutiversX will utilize spatial computing to provide a better metaverse experience for its users. Its recent technical upgrade will bring vial features like block proposals, parallel node processing, consensus signature checks, and dynamic gas cost improvement.

Also, Read Why Cardano is investing in African Blockchain Solutions.

These new features would improve the performance of their web3 applications by increasing transactional throughput seven times. This generally equated to faster confirmation and shorter finality, increasing the processing speed within their metaverse ecosystems. Furthermore, MultiverseX will introduce on-chain-governance, a new and enhanced virtual machine, and an improved transaction model. These would enable tokens operating on the network to cover gas costs, allowing cheaper services without infringing on quality.

Wrapping up

The Romanian blockchain project has set several strategies to prevent another Metaverse crash. By collaborating with Google Cloud, they significantly boost their reachability and offer services that allow non-blockchain companies to benefit. If MultiversX successfully integrates these agendas, they could eventually become the saviors the industry requires.

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