UAE-based property giant Damac Group is investing $100 million to build digital cities in the metaverse as virtual and physical worlds continue to collide.
Damac General Manager Ali Sajwani will head the new initiative, named D-Labs.
The initiative forms part of the company-wide ambitions to move into digital assets and non-fungible tokens (NFT), and Ali Sajwani is tasked with delivering the organisation’s goal to be a leading global digital brand, a Damac statement said.
“Over the past two years we have been aggressively driving our digitisation efforts, and this new initiative into the metaverse will only further leverage our digital footprint,” Sajwani said.
“As well as updating our systems, processes and operations across departments, we have been investing in building a strong team of skilled and talented experts to help support our ambitions of being a digital leader.”
Since last year, the group’s real estate arm, Damac Properties has been offering home buyers a 3D virtual experience that utilises virtual reality (VR) and augmented reality (AR) technology.
On Monday, Dubai-based real estate broker Union Square House said it would launch metaverse mansions this year. USH plans to develop and sell ultra-luxury digital properties as NFTs, with or without their physical twins.
According to recent market data, real estate sales in the metaverse reached $500 million in 2021, and the sales volume is expected to double in 2022. The metaverse real estate market is projected to grow at a CAGR of 31 percent from 2022 to 2028.
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