UAE Rides the NFT and Metaverse Wave With These New Projects

Metaverse and NFT projects are now accelerating in the UAE. What makes them trending now is DAMAC properties’ plan to launch the metaverse project in March. Recently, Ali Sajwani, Managing Director of the company declared that his company is looking for different ways to include NFTs and metaverse projects.

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.’

If the company gears up for the project, it would be the first of a kind for the London Stock Exchange-listed property developer.

In detail, the confirmation of launch came following a Twitter survey conducted by Sajwani showing that real estate would be the first sector to utilize NFTs. Moreover, he has already purchased a land plot in the NFT gaming platform The Sandbox metaverse.

Besides the metaverse project of DAMAC in Dubai, Sharjah revealed its first NFT art exhibition at the House of Wisdom. The exhibition titled ‘Gateway to Metaverse’ opened on Tuesday. It reflected the artistic skills of 15 local and 60 international artists pursuing their careers in the crypto and digital art world.

The exhibition aims to bridge the gap between the traditional and digital art world by bringing together creative NFT art pieces from different genres. The show includes works from portraiture and landscape to abstract arts, and from sculptures to virtual reality and artificial intelligence. 

DAMAC is one of the leading real estate developers in the UAE. Since 2002, the company has been building the luxury real estate market in the Middle East. It caters to iconic residential, commercial, and leisure properties across the region and beyond it.