- DAMAC Properties, one of the UAE’s largest real estate property developers, plans to launch a metaverse project shortly, according to the company’s managing director (MD).
- DAMAC has already developed a solution to link the real estate developer’s many platforms.
DAMAC’s metaverse launch
According to Ali Sajwani, managing director of the real estate property firm DAMAC Properties, his company plans to launch a metaverse project in March. If it goes forward, the project will be a first for the London Stock Exchange-listed property developer.
Sajwani’s announcement of the company’s intended push into the metaverse comes only a few weeks after an online survey he conducted revealed that real estate is likely to be the first industry to use non-fungible tokens (NFTs).
Furthermore, the disclosure occurred just a few days after Sajwani was believed to have acquired a plot in The Sandbox metaverse.
He went on to say that DAMAC has already developed a solution to link the real estate developer’s many platforms, which vary from real estate to fashion and jewelry. According to Sajwani, the goal is to introduce them into the metaverse.
Unlock Media quotes Sajwani as outlining the logic for DAMAC’s decision in statements made following an announcement made during an NFT collection Crypto Bear Watch Club (CBWC) ask me anything (AMA) session.
Bonus by DAMAC
In addition to spearheading DAMAC’s metaverse plan, the Unlock Media story stated that Sajwani had acquired 10% of the CBWC’s token supply.
According to the report, the managing director was attracted by CBWC’s art and “began to engage with them to add functionality to the NFTs and help construct the roadmap.”
About DAMAC
DAMAC Properties is an Emirati real estate development firm situated in Dubai, United Arab Emirates. DAMAC Properties was publicly listed on the Dubai Financial Market in January 2015. The firm works on a global scale, offering residential, commercial, and recreational properties across the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Oman, and the United Kingdom.
In Dubai, the corporation has produced two master complexes totaling approximately 100 million square feet. DAMAC Hills is a mixed-use development built around the championship-standard Trump International Golf Club Dubai and over four million square feet of private parkland.
The Trump International Golf Club Dubai was opened in February 2017 by honorary guests Donald Trump Jr. and Eric Trump. The Trump World Golf Club Dubai is located in the second development, AKOYA. It is designed by Tiger Woods.
DAMAC Properties have granted around 370 contracts worth AED 3.5 billion in January 2017. Across its development portfolio, the contracts covered construction, supplier, and consultant services. In June, the business committed more than $1.5 billion to its main project, Akoya.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/03/26/uaes-real-estate-giant-to-launch-metaverse-project/