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UAE’s DAMAC Properties Announces Plans To Launch Metaverse Project

UAE’s DAMAC Properties Announces Plans To Launch Metaverse Project

DAMAC, one of the leading real estate property developers in the United Arab Emirates (UAE), has announced that it is finalizing plans to launch a project in the Metaverse. According to details available in the public domain, DAMAC plans to launch its metaverse project in the month of March itself. 

The company’s plans were announced by the company’s Managing Director (MD) Ali Sajwani. 

DAMAC’s Metaverse Foray Shouldn’t Surprise Anyone 

According to sources, DAMAC’s plans to enter the Metaverse should be on expected lines, especially since the company’s Managing Director, Ali Sajwani, is fairly tech-savvy and a strong supporter of the CryptoBear Watch Club (CBWC). A hint of how Sajwani thought when it came to the blockchain, NFTs, and the Metaverse was revealed when he published a survey on Twitter where he revealed that over 30% of respondents to the survey believed that NFTs would be used in the real estate sector at some point. This revelation came after reports stated that Sajwani had himself purchased a plot in The Sandbox metaverse. 

Looking At Ways To Include NFTs And The Metaverse 

Sajwani revealed DAMAC’s metaverse plans during an AMA session for NFTyRacer with the Crypto Bear Watch Club, stating, 

“We are doing a lot at DAMAC, and when it comes to the Metaverse, I think DAMAC will be entering the Metaverse in the next month to 45 days. We are excited.”

He also revealed that he had himself purchased a plot in the Sandbox metaverse. 

Rationale Behind Entering The Metaverse 

During the Crypto Bear Watch Club AMA session, Sajwani explained why DAMAC was looking at entering the Metaverse, stating, 

“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. 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 further added that DAMAC had created a solution that will help integrate the developer’s different platforms to bring them into the Metaverse as well. 

Support For Crypto Bear Watch Club 

Sajwani is also a strong supporter of the Crypto Bear Watch Club and has purchased 10% of the total token supply for the project, highlighting his understanding of the crypto space and NFTs. He stated about the project, 

“I am a real estate developer running one the largest real estate property developers in the world, yet when I saw Crypto Bear Watch Club art, I was intrigued, so I started to work with them to add utility to the NFTs and help build the roadmap. In parallel, another friend of mine introduced the gaming aspect to CBWC, and our creative genius Fouad AbdulMalak worked on the design and choosing the right partners for the project.”

Growing Number Of Companies Joining The Metaverse 

DAMAC becomes the latest in a long line of multinational companies, financial institutions, and football clubs joining the Metaverse. Most recently, Tech Mahindra announced its plans for the Metaverse with the launch of the TechMVerse, which is looking to deliver immersive and interactive experiences to existing customers. Premier League Champions Manchester City have also announced their metaverse plans, constructing the first football stadium in the Metaverse. 

Apart from the above, JPMorgan, the largest bank in the United States, also made its entry into the Metaverse, announcing the opening of its Onyx Lounge in Decentraland. JPMorgan has stated that the Metaverse has the potential of bringing in revenue to the tune of $1 trillion per year.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.