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

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

Ali Sajwani (the managing director of DAMAC Properties), says his company will start a project on the metaverse in March. If launched, the project will mark a new milestone for London Stock Exchange-listed property developers.

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). The news came just a few weeks after Sajwani, who was rumored to have purchased a plot of land 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 explained:

DAMAC is exploring different options to incorporate NFTs as well as the metaverse. DAMAC, a property developer worth multi-billion dollars, also has brands such as Roberto Cavalli (purchased by DAMAC in 2019). We believe Metaverse is more than just a loose term. Our solution allows for cross-utilization by allowing physical and digital assets and we do so through a bridge.

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. According to Sajwani the objective is to integrate these platforms 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 was a Zimbabwe award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.