Emirati property developer DAMAC Group has announced plans to launch into the metaverse — a network of 3D virtual worlds focused on social connection — and build its own digital cities.
The company plans to invest capital up to $100 million for the project, Zawya reported
“In an effort to keep up with the latest business trends, we’re expanding our offerings into the metaverse to take advantage of the various opportunities it offers.” DAMAC founder Hussain Sajwani stated, “We are eager to pioneer the possibilities that the metaverse offers in ways that allow us to be more connected and active with our consumers and their interests.”
Meanwhile, a Dubai real estate firm is preparing to sell the region’s first metaverse mansions, in which customers can hold a non-fungible token, or NFT, both with and without the physical property. Union Square House said in a statement on Monday that the digital mansions will allow customers to explore their residences in augmented reality.
“Our venture into the metaverse originates from our strong belief in a pervasive virtual world that is poised to disrupt numerous sectors, the most prominent of which is real estate,” said Gaurav Aidasani, the company’s founder and managing director.
“We believe digital real estate has already gone mainstream,” Aidasani continued. Lenders are now extending mortgages to customers who wish to purchase virtual houses. “All of these advancements are giving digital properties a boost, giving metaverse investors the chance to multiply the value of their virtual assets,” he said.
The company is aiming to launch the first set of NFTs
Only ultra-luxury properties will be sold, with a concentration on micromarkets such as The Palm Jumeirah, Emirates Hills, District One, Dubai Hills Estates, and others. The company plans to introduce the first set of NFTs in July. According to Thenationalnews.com, the project will begin in Dubai and will eventually expand to Abu Dhabi and other major cities.