Real Estate Giant, DAMAC To Embark on A Novel Metaverse Project

by Boaz Feldman

Own homes in Dubai, possible with affordable home loans. This is exactly what DAMAC promises. Now they are delving into the virtual realm.
This comes after a host of Mid-Eastern countries have begun investing in emerging technologies such as Artificial Intelligence, Virtual Reality, and the Metaverse.

The Jewel in The Middle East

DAMAC Properties has continued to maintain its slot as one of the Middle East's top luxury real estate markets since 2002, delivering luxury residential, commercial, and leisure properties across the region, including the UAE, Saudi Arabia, Qatar, Jordan, Lebanon, Maldives, Canada, and the United Kingdom.

It was ranked 1st on the Forbes Global 2000 List of Growth Champions, making it the world's fastest-growing company, listed among the top 2,000 by Forbes.The company features different brand collaborators like Versace Home, The Trump Organization, Fendi Casa, Paramount Hotels and Resorts, Cavalli, and others.

Now, they are planning to launch into the Metaverse by buying plots of land on Sandbox’s Platform. They are looking to increase their customer base by integrating various virtual sectors like fashion, jewellery, real estate, and many others.

Ali And the Bear

Ali Sajwani, managing director of the real estate property, said during NFT collection Crypto Bear Watch Club (CBWC)’s ask me anything (AMA) session, which was posted on Twitter on February 15th 2022.

“At DAMAC we are looking at different ways to include NFTs and The Metaverse. As you know, DAMAC is not just a multi-billion-dollar property developer but also holds brands such as Roberto Cavalli (purchased in 2019). So, while most use the Metaverse loosely, we think it is much more and have come up with a solution where we bridge the physical and the digital assets to allow for cross-utilization.”

CryptoBear Watch Club is a collection of 10,000 exclusive NFT collectibles that will reside on the Ethereum Blockchain. Each artwork is hand-drawn with 450+ unique traits programmatically assigned, giving each piece a unique and distinct identity, giving added value to the CBWC community.

Sajwani, known to be tech-savvy, has also purchased ten percent of CBWC’s token supply. He has been an avid supporter and advisor to the CBWC project. Impressed with their artworks, he has started to work with them to add utility to the NFTs and help build their roadmap.

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