DAMAC prepares for the Metaverse world by investing $ 100 million in D-Labs

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DAMAC Group, headquartered in the UAE, has announced that it is the parent company of DAMAC Properties, a global developer in the real estate sector, and the data center company, Aignex.

And the luxury jewelry house “De Grisogono” and the internationally renowned fashion house “Roberto Cavalli” announced their plans to enter and invest in the world of metavers and build their digital cities, to become one of the most prominent companies investing in this. digital space at the level of the Gulf Cooperation Council countries.

Hussain Sajwani, the founder of DAMAC Group, said: “We continue our efforts to take advantage of the most prominent opportunities available in the business sector, so we look forward to investing in the world of Metaverse and taking advantage of the opportunities on the horizon. We also tend to be proactive in this new world by finding innovative ways to help strengthen our relationships and communication with our customers, thus contributing to their interests. ”

The group will operate under the name D-Labs, and will be fully managed by Ali Sajwani, in his capacity as CEO of D-Labs and CEO of the Group. This initiative is part of the company’s ambitions to switch to digital assets and non-exchangeable tokens (NFT).

Ali is pursuing its goals of transforming it into a leading digital brand globally as the group plans to inject $ 100 million in investments.

For his part, Ali Sajwani commented: “We have made serious efforts over the last two years to strongly embrace digitalization and this new initiative to enter the world of metavers will contribute to strengthening our presence in the digital world.

In addition to modernizing our systems and processes in our various departments, we are generously investing in building a strong team of experts, specialists and top talent, to help support our ambitions to be one of the leading companies in the digital space . At the same time, we plan to continue these efforts to grow our team and expand our expertise and knowledge. ”

As the real estate arm of the group, DAMAC offers its customers a three-dimensional virtual experience based on virtual reality and augmented reality technology, which represents a starting point in the metavers world, being a digital world composed of these two technologies. to “augmented reality” technology, which refers to “all realistic environments”. Thus, users feel with it that they are living a certain ‘experience’.

With this move, DAMAC Group hopes to expand its services to meet the group’s needs for digital assets, from virtual homes and digital real estate, to digital clothing devices and digital jewelry. And this through the purchase by the company of the Swiss jewelry house “De Grisogono”, and the Italian luxury fashion label “Roberto Cavalli”.

Digital experiences are also an aspect of these services, as guests will be able to have a virtual experience at the Mandarin Oriental Polidhovaru resort, which is part of the group portfolio of hotels, resorts and hotel apartments. DAMAC will give its customers the advantage of investing in these digital assets once they are implemented.

Metaverse in the business world

The world of metaverse makes an extraordinary addition to businesses, companies and employees alike, enabling collaboration in a 3D environment that is stimulating, connected and focused on social relationships. One of the most important features of adapting to the world of “Metaverse” is the increase of customer engagement and loyalty, the improvement of communication and cooperation with stakeholders, which ultimately leads to increased revenue.

A study conducted by Market Research Future (MRF) showed that the meta-market value reached $ 21.91 billion in 2020 and is expected to grow at a compound annual growth rate of 41.7% in 2030. The same research shows that convergence between the World physical and digital, along with the growing need for “metaverse” will provide strong opportunities in the market to purchase digital assets using cryptocurrencies over the period shown.

It is also noted that there is a huge demand for real estate in the world of metavers and this activity is classified as one of the most attractive areas for investors in cyberspace.

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