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One of the United Arab Emirates (UAE)\u2019s leading real estate property developers, DAMAC Properties, is planning to launch a project in the metaverse soon, the company\u2019s managing director (MD) has said.<\/strong>\n<\/p>\n \n Sajwani\u2019s confirmation of the company\u2019s planned foray into the metaverse came a few weeks after an online poll he conducted suggested real estate is likely to be the first sector to adopt non-fungible tokens (NFTs). In addition, the revelation came shortly after Sajwani himself was said to have purchased a plot in The Sandbox metaverse.<\/p>\n In remarks following an announcement made during NFT collection Crypto Bear Watch Club (CBWC)\u2019s ask me anything (AMA) session, Sajwani is quoted<\/a> by Unlock Media explaining the rationale behind DAMAC\u2019s decision. He said:\n<\/p>\n 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.<\/p>\n<\/blockquote>\n \n \nDAMAC Looking Into NFTs and Metaverse<\/h2>\n
\nAccording to Ali Sajwani, the managing director of the real estate property developer DAMAC Properties, his company is planning to start a project in the metaverse sometime in March. The project, if launched, will be a first for the London Stock Exchange-listed property developer.<\/p>\n\n
\nHe added that DAMAC has already created a solution that will integrate the real estate developer\u2019s different platforms which range from real estate to fashion and jewelry. The objective, according to Sajwani, is to bring these into the metaverse.\n<\/p>\n<\/p>\n
\nBesides driving DAMAC\u2019s metaverse initiative, the Unlock Media report said Sajwani had purchased ten percent of the CBWC\u2019s token supply. The report said the managing director had been intrigued by CBWC\u2019s art and had \u201cstarted to work with them to add utility to the NFTs and help build the roadmap.\u201d<\/p>\n