DAMAC Property, one of the leading real estate developers in the United Arab Emirates (UAE), plans to start the project in Metaverse soon, said the company’s managing director (MD).
DAMAC to examine NFT and Metaverse
According to Ali Sajiwani, managing director of real estate development company DAMAC Property, his company plans to launch a project in Metaverse in March. When launched, this project will be the first for a real estate developer listed on the London Stock Exchange.
Sajwani’s planned foray into the Metaverse was confirmed weeks after his online polls suggested that real estate was likely the first sector to adopt non-fungible tokens (NFTs). It was about. In addition, the revelation came shortly after Sajwani himself was told he had purchased the Sandbox Metaverse plot.
Following the announcement made during the NFT collection, Sajwani said at the Crypto Bear Watch Club (CBWC) ask me any (AMA) session. Quote Unlock the media and explain the rationale behind DAMAC’s decision. He said:
DAMAC is exploring different ways to include NFTs and the Metaverse. As you know, DAMAC is not only a multi-billion dollar real estate developer, but also owns brands such as Roberto Cavalli (purchased in 2019). Therefore, most of the time, we use the term metaverse loosely, but we think it is much more common, and we have come up with a solution that bridges physical and digital assets and enables interoperability.
He added that DAMAC has already created a solution that integrates the various platforms of real estate developers, from real estate to fashion and jewelry. According to Sajwani, the purpose is to bring these into the Metaverse.
In addition to promoting DAMAC’s Metaverse initiative, Sajwani has purchased 10% of CBWC’s token supply, according to a report by Unlock Media. According to the report, the managing director was intrigued by the art of CBWC and “began working with CBWC to add utilities to NFTs and help create roadmaps.”
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