On its official Twitter, DAMAC Group, a Dubai-based leading real estate company, announced they are moving to #Metaverse along with the fashion house Roberto Cavalli and luxury jeweler de-Grisogono to establish its first-ever digital wearables following the launch. DAMAC also introduced the brand-new D-Labs committed to building a virtual real estate city on the metaverse.
UAE is known to be one of the first countries to adopt blockchain technology and metaverse with its economy. As Web3 slowly emerges into the real world, Dubai is ready to take in every development that can benefit its business community and the economy as a whole.
DAMAC Group is a well-known real estate company that has been one of the biggest contributors to Dubai’s city development projects. Now DAMAC is ready to build its own digital city with a real digital economy and regulations.
DAMAC invests $100M on the metaverse
DAMAC Group released an official statement on April 25, 2022, detailing its plans to expand business in the Web3 world. The real estate firm announced that it has invested around $100M for the development of its own digital city in the metaverse.
The Founder of DAMAC, Hussain Sajwani said “In an attempt to mold to the progressive trends of business, we are expanding our offerings into the metaverse realm to avail of the many opportunities it presents. We are keen to pioneer the possibilities that the metaverse offers in ways which allow us to be more connected and involved with our customers and their interests.”
DAMAC’s metaverse will include some of his collaborators including the leading Italian fashion brand Roberto Cavalli, Fendi Casa, Paramount Hotels and Resorts, Versace Home, Radisson, The Trump Organization, and Rotana.
Roberto Cavalli joins DAMAC Metaverse
Roberto Cavalli, an Italian fashion brand, will collaborate with DAMAC to produce an exclusive NFT collection of their originally designed clothes. These items will be wearable on DAMAC’s metaverse and users can keep them as digital assets to remember the legacy of the legendary fashion brand for years to come.
DAMAC has already collaborated with Cavalli for its Cavalli Estates, DAMAC Hills project which features exclusive luxury mansions on DAMAC Hills inspired by Cavalli’s fashion legacy.
Dubai will also collaborate with luxury jeweler de-Grisogono to drop exclusive jewelry as NFTs.
DAMAC launches D-Labs
Following its announcement to enter the metaverse, DAMAC Group also announced D-Labs, a new company under DAMAC Group that will be led by Ali Sajwani, who is also the General Manager at DAMAC.
The founder of DAMAC, Hussain Sajwani says, “We have built homes and communities in the real world. Now it’s our time to raise digital cities in the virtual world. I am proud to introduce D-Labs – the digital face of DAMAC Group in the #metaverse.”
With D-Labs, DAMAC is ready to enter the metaverse and bring more opportunities to people from all over the world on a virtual scale. Just as it helps Dubai to become a hub of architecture and modernity through real estate development, DAMAC Metaverse is also bound to become a successful real estate project, opening doors to social and global engagement in the Web3 world.
To conclude, DAMAC entering the metaverse is a revolutionary moment as it will pioneer other real estate and development companies to further expand their business by building their own metaverse.