UAE’s Top Property Developer to Launch Metaverse Project This Month

One of the major property developers in the United Arab Emirates (UAE), DAMAC Properties, is planning to launch a project in the metaverse.

DAMAC Properties Venturing Into Metaverse

According to Ali Sajwani, the General Manager and Head of Operations of DAMAC Properties, the company is planning to launch a project in the metaverse this month. Sajwani initially announced the launching of the DAMAC Metaverse project during the second AMA session for NFTyRacer with CryptoBear Watch Club on February 15th. The revelation came shortly after Sajwani himself said to have purchased a plot in The Sandbox metaverse. https://twitter.com/CryptoBearWC/status/1493489973491818496

“At DAMAC we are looking into different ways to include NFTs and the metaverse. 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, ” Sajwani told Unlock Media.

CryptoBear Watch Club

In addition to DAMAC’s venture into the Metaverse, Sajwani has also revealed purchasing 10 percent of the CryptoBear Watch Club token supply. CryptoBear Watch Club is a collection of 10,000 NFTs on the Ethereum Blockchain with 450+ unique traits. CryptoBear Watch Club is a collection of 10,000 NFTs on the Ethereum Blockchain. According to the project's whitepaper, holders will receive luxury watches worth $1,000,000 during the mint. In addition, lucky owners will also be airdropped exclusive Arkouda Utility Tokens that can be redeemed for real watches, every month.