Dubai’s DAMAC eye land in the Metaverse world
Your work doesn’t allow you to leave the city but do you always yearn to head off to the mountains or to a villa on the golf course – your second home with a scenic view, luxurious living and a relaxing lifestyle?
Were you addicted to games such as Farm Mania where you built and rebuilt your fantasy creations in the comfort of your home while ordering in a pizza?
All that is becoming a reality in the Metaverse.
The metaverse has the potential to become a multi-trillion-dollar part of the world economy in the coming decades, according to Tim Sweeney, CEO of Epic Games, the company behind Fortnite.
The metaverse is fundamentally a 3D version of the internet, and the expectation is that once the technology has caught up with the concept, more and more people will spend more and more time in this virtual world. The tech that is making it happen is blockchain technology just as it is enabling cryptocurrencies and non-fungible tokens (NFTs).
If you have the digital cash, why not use it to complete your dream of owning a second home? Just head to the Metaverse, pick up a villa by the beach or the golf course, pay securely from your digital wallet and voila!
Closer home in Dubai, the property developer DAMAC has started an ambitious drive to head into Metaverse. Damac Group, parent company of Damac Properties, plans to invest $100 million (Dh367m) to build “digital cities” in the metaverse.
In a statement, it said the project will be run under a unit called “D-Labs”, and will be led by DAMAC general manager Ali Sajwani.
In the metaverse – the thinking goes – land where a lot of people gather will be worth more, just like in real life. The value in a virtual world will be where brands and advertising congregate, says Andrew Kiguel, the founder and CEO of Tokens.com, one of the larger property owners in Decentraland. For many brands, the metaverse is about billboards rather than buildings where buying land is like purchasing advertising space on the internet today.
With a cosmopolitan Dubai established firmly as a global hub and destination of choice, no prices for guessing why DAMAC’s plan for digital cities has every chance to succeed.
For those still wondering or confused what the Metaverse is exactly about, here is a simple explainer from Forbes.
Whether you want to buy a villa overlooking the golf course the traditional way or in the Metaverse, you can get in touch with us, of course!