HomeNewsUAE Property Developer DAMAC Metaverse to launch Metaverse Project

UAE Property Developer DAMAC Metaverse to launch Metaverse Project

Popular real estate property developer DAMAC properties is planning to venture into the metaverse world soon. The company’s managing director recently stated about their company’s intention to launch a metaverse project.

Ali Sajwani, managing director of DAMAC, stated that they’ll launch a metaverse project in the month of March. With that, DAMAC will become the first London Stock Exchange-listed property developer.

DAMAC conducted an online poll where the results showed real estate as the first sector to adopt Non-fungible tokens (NFTs). Besides this, Ali also stated to have bought a plot in The Sandbox metaverse.

However, the managing director talked about its company’s intentions during an AMA session of Crypto Bear Watch Club (CBWC). At that time, 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.

In addition to that, he said that their company has already drafted a solution for integrating their company’s different platforms. According to Ali, their intention to do so is to add all the different platforms into the metaverse with much more seamless interoperability.

DAMAC is also interested in CBWC’s art and has purchased ten percent of its supply. According to the managing director, their company has “started to work with them to add utility to the NFTs and help build the roadmap.”

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