DAMAC properties to build the Metaverse project

DAMAC Properties, one of the leading real estate developers in the United Arab Emirates (UAE), plans to build a new Metaverse project, it emerged on Wednesday.

The luxury real estate company has many brand associates such as Fendi Casa, Paramount Hotels and Resorts, Cavalli, Versace Home, Radisson, The Trump Organization and Rotana.

According to Ali Sajwani, Managing Director of DAMAC Propertythe real estate giant hopes to launch its Metaverse plans in March, shortly after purchasing virtual land on The Sandbox’s Metaverse platform.

The news comes weeks after Sajwani conducted an online survey on whether the UAE real estate sector would become the first market to mass adopt non-fungible tokens (NFTs).

Speaking at a Crypto Bear Watch Club (CBWC) event, he said, quoted by media,

“At DAMAC, we are looking at 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 (bought in 2019 So while most use the term Metaverse loosely, we think it’s much more and we’ve come up with a solution where we combine physical and digital assets to enable cross-use”

DAMAC aimed to attract customers and solutions to the Metaverse by integrating numerous virtual platforms for real estate, fashion and other industries, Bitcoin.com reported Wednesday.

Quoted by Unlock Media, he revealed that he bought about 10% of CBWC’s tokens and began working with the company to “add utility to NFTs and help build the roadmap.”

UAE XR roadmap in Metaverse Race

The news comes just a month after Dubai’s Ministry of Health and Prevention (MOHAP) developed a new Metaverse platform, which enables citizens to receive medical care and support through virtual worlds.

The first global scheme, revealed at a conference in late January, provides direct support to healthcare professionals in Dubai to pay expenses, submit documents and avoid on-site travel amid COVID-19.

The news comes as the UAE and other Middle Eastern countries have begun to invest heavily in emerging technologies such as artificial intelligence (AI), extended reality (XR) and blockchain, viz. as global corporations and governments rush to the metaverse and build their industrial capabilities.

Companies such as Varjo Technologies and Lenovo recently teamed up in a deal to sell the former’s VR-3 and XR-3 mixed reality (MR) headsets across the UAE in a bid to expand and grow its XR sector.

Barbados has become the first country to acquire Metaverse sovereign land from Decentraland to build a virtual embassy, ​​sparking increased interest from nations around the world to purchase plots of land.

South Korea has also started building its portfolio of XR solutions with Samsung, SK Telecom and others after Seoul launched a $2.2 billion hyperconnectivity infrastructure plan over the next few years.

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