This year, Union Square House, a real estate brokerage in Dubai that has handled transactions totaling multiple billions of dirhams, will introduce the MENA region’s first Metaverse mansions. The initiative is being carried out at a time in Dubai when Web3 is being embraced by both the public sector and the private sector.
Non-fungible Tokens, also known as NFTs, are enjoying a meteoric rise in popularity in Dubai
One of the first industries to reap the benefits of Web3 applications, which are founded on blockchain technology and operate on decentralized, peer-to-peer networks, is the real estate sector.
According to recent market data, the total value of real estate transactions in the Metaverse reached UAD500 million in 2021, and it is anticipated that the volume will double this year. The market for real estate in the metaverse is projected to expand at a compound annual growth rate of 31 percent between the years 2022 and 2028.
Utilizing Dubai’s savvy investor community and a relatively young population, which is characterized by high levels of familiarity and comfort with the concept of virtual worlds and its prospects, USH intends to develop and sell ultra-luxury digital properties as NFTs. These properties may or may not have their physical twins. USH will leverage these factors to their advantage.
MetaIncubator, the first Metaverse incubator in the Middle East, was recently launched by Dubai World Trade Centre. In the Metaverse, the Ministry of Economy hosted the world’s first ever economic summit, the Investopia Investment Summit. The Ministry of Health and Prevention has also created a new Metaverse platform that allows people to virtually access medical care and support. Eikonikos, a Dubai-based metaverse startup, recently received USD2 million in pre-seed funding from the private sector.
Customers who purchase digital mansions not only gain ownership of the properties but also have the ability to interact with other users and digital neighbors by viewing their properties in augmented reality.