Property Developer DAMAC plans to launch Metaverse project

Ali Sajwiani, the managing director for DAMAC Properties, announced that the real estate company plans to start a project in the metaverse. If the project is successful, it will be a first for the London Stock-Exchange listed property developer.

Sajwani confirmed his company plans to enter the metaverse after conducting an online poll that suggested real estate would be the first sector to adopt NFTs. Sajwani seems to support the movement as he has reportedly purchased land in The Sandbox metaverse.

“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,” said Sajwani.

The managing director also added that DAMAC has created a solution that will integrate the company’s different platforms which range from real estate to fashion and jewelry. According to Sajwani, DAMAC’s main objective is to bring these to the metaverse.

Aside from leading DAMAC’s metaverse projects, Sajwani also purchased 10% of the token supply of Crypto Bears Watch Club, another highly touted NFT collection. Several reports state that the managing director was intrigued by CWBC’s art and has “started to work with them to add utility to the NFTs and help build the roadmap.”

Source: Bitcoin News