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RIYADH: Emirati property developer DAMAC Group has announced plans to venture into the metaverse – a network of 3D virtual worlds focused on social connection – and build its own digital cities.

The company plans to invest up to $100 million in the project, Zawya reported.

“In an attempt to keep pace with progressive business trends, we are expanding our offerings into the metaverse realm to take advantage of the many opportunities it presents. We are keen to pioneer the possibilities that the metaverse offers in ways that allow us to be more connected and engaged with our customers and their interests,” said Hussain Sajwani, Founder of DAMAC.

Meanwhile, a Dubai real estate broker plans to sell the region’s first metaverse mansions, where buyers can own a non-fungible token, known as NFT, with and without the bricks-and-mortar asset.

The digital mansions will allow buyers to view their properties in augmented reality, Union Square House said in a statement Monday.

“Our foray into the metaverse stems from our strong belief in a pervasive virtual world that is poised to transform many industries, chief among which is real estate,” said Gaurav Aidasani, Founder and CEO of USH.

Aidasani added, “We believe digital real estate has already become mainstream. Lenders are even offering mortgages to help customers buy virtual properties. All of these developments are giving digital properties momentum, providing metaverse investors with an opportunity to multiply the value of their virtual assets,” he said.

The company aims to launch the first set of NFTs in July and only ultra-luxury properties will be sold, with a focus on micro-markets such as The Palm Jumeirah, Emirates Hills, District One, Dubai Hills Estates and others.

While the project will start in Dubai, the company plans to expand to Abu Dhabi and other major cities, according to Thenationalnews.com

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