DAMAC Properties, a leading real estate developer in United Arab Emirates (UAE) is reportedly launching a metaverse project this month.

According to a report by Unlock published last week, the first hint that Ali Hussain Sajwani, who “oversees day-to-day operations” at DAMAC, was thinking about the world of blockchain technology, NFTs, and the metaverse came “when he published on twitter a survey where he noted that more than 30 percent of respondents believe NFTs… will be used in the real estate sector.”

Apparently, Sajwani “first revealed his intention to launch DAMAC Metaverse project during the second AMA session for NFTyRacer with CryptoBear Watch Club which was posted on twitter on February 15th 2022″ and during this AMA session he “spoke about his support of Crypto Bear Watch Club as well as the upcoming DAMAC Metaverse project.”

Sajwani stated:

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.

Here is what Sajwani told UNLOCK:

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. We have formulated a solution to integrate the different platforms under DAMAC, whether real estate, fashion, jewelry bringing all onto the metaverse.

Also, at the AMA session, he said:

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.


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Featured Image by “enjoytheworld” via Pixabay