The Damac Group in UAE announced plans to establish its foothold in the metaverse. It will be building its own digital cities to enter the virtual world. Damac Group is diversifying its offering into the metaverse to take advantage of the numerous opportunities it delivers. In addition, it is adopting advanced business trends.
A metaverse is a shared and immersive virtual environment accessed via the internet. Metaverse has referred to a lifelike digital space where augmented reality has been applied to make it look more realistic. The Damac Group is preparing to enter the metaverse with its investment of $100 million. Continue reading to explore what this project includes.
Execution of the Damac Group’s Project
Damac plans to spend up to $100 million on its next digital city initiative directing NFT sales and digital real estate toward the United States emirates. The D-Labs division will oversee the metaverse project and Ali Sajwani will lead it as CEO of the division. Further, the current customers of the group will be prioritized to participate in the project. Damac’s project is a larger push toward developing NFT sales and accepting virtual assets. According to Bloomberg Intelligence, the metaverse may generate revenues of about $800 billion by 2024. Damac has also started providing 3D virtual experiences to its property purchasers for establishing its image in the digital world.
A New Group-Wide Initiative is Being Launched
Damac Group’s most recent project is an initiative to provide group-wide services. This initiative includes digital jewelry, virtual properties, augmented homes, and virtual wearables. The Damac Group expects that by taking this step, it will be able to broaden its digital asset services to meet the demands of the whole community. Damac Group has acquired two fashion brands namely Swiss jewelers de Grisogono, and Italian fashion brand Roberto Cavalli to cater to the needs for digital wearables and digital jewelry. A virtual tour of the Mandarin Oriental is also included in the virtual services enabling guests to get a virtual tour of the resort. After the initiative is implemented, Damac will prioritize its current customer base for investment in these digital assets to remain dedicated to them.
Creating A Revolutionary Era of Digital Transformation Through the Metaverse in Business
Damac is investigating several methods for incorporating NFTs and the virtual world. Metaverse offers a 3D-enabled environment and highly networked setting that encourages collaboration and social connections among employees and employers. Shifting to the digital space has several advantages, including enhanced consumer loyalty, and stakeholder engagement. The metaverse helps businesses generate more income by improving connections and cooperation with stakeholders. DAMAC entered the virtual world for these reasons. The metaverse market was valued at $21.91 billion in 2020 and is expected to grow at a rate of 41.7% by 2030, Market Research Future reported. In the coming years, real estate will become a huge attraction for investors in the virtual world as its demand is soaring in the metaverse.
