UAE Property Developer DAMAC to Launch Metaverse Project in March Says Managing Director

One of the United Arab Emirates (UAE)’s leading real estate property developers, DAMAC Properties, is planning to launch a project in the metaverse soon, the company’s managing director (MD) has said.

DAMAC Looking Into NFTs and Metaverse

According to Ali Sajwani, the managing director of the real estate property developer DAMAC Properties, his company is planning to start a project in the metaverse sometime in March. The project, if launched, will be a first for the London Stock Exchange-listed property developer.

Sajwani’s confirmation of the company’s planned foray into the metaverse came a few weeks after an online poll he conducted suggested real estate is likely to be the first sector to adopt non-fungible tokens (NFTs). In addition, the revelation came shortly after Sajwani himself was said to have purchased a plot in The Sandbox metaverse.

In remarks following an announcement made during NFT collection Crypto Bear Watch Club (CBWC)’s ask me anything (AMA) session, Sajwani is quoted by Unlock Media explaining the rationale behind DAMAC’s decision. He said:

At DAMAC we are looking into different ways to include NFTs and the metaverse. As you know DAMAC is not only a multi-billion dollar property developer but also holds brands such as Roberto Cavalli (purchased in 2019). So, while most use the term Metaverse loosely we think it is much more and we have come up with a solution where we bridge the physical and digital assets to allow for cross-utilization.

He added that DAMAC has already created a solution that will integrate the real estate developer’s different platforms which range from real estate to fashion and jewelry. The objective, according to Sajwani, is to bring these into the metaverse.

Besides driving DAMAC’s metaverse initiative, the Unlock Media report said Sajwani had purchased ten percent of the CBWC’s token supply. The report said the managing director had been intrigued by CBWC’s art and had “started to work with them to add utility to the NFTs and help build the roadmap.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.