DAMAC Group – the parent company of global property development company DAMAC Properties, data center firm Edgnex, luxury jeweller de Grisogono and fashion house Roberto Cavalli – has announced plans to enter the metaverse and establish its own digital cities.
The Group, which will be directed by Ali Sajwani, Chief Executive Officer of D-Labs and DAMAC General Manager, will be referred to as ‘D-Labs.’ The effort is part of the company’s broader plans to move into digital assets and non-fungible tokens (NFT), and he is entrusted with achieving the organization’s aim of becoming a top global digital brand.
The Group intends to invest up to $100 million in the project.
بعد أن قامت بترك بصمتها القوية في العالم الحقيقي، تعمل مجموعة #داماك على بناء حضورها في العالم الافتراضي من خلال "دي-لابس" (D-Labs) الوجه الرقمي لمجموعة داماك في #الميتافيرس. @alisajwanii pic.twitter.com/EG6ipHcUOd— DAMAC Properties (@DAMACOfficial) April 25, 2022
DAMAC Properties, DAMAC’s real estate arm, has been offering virtual reality (VR) and augmented reality (AR) experiences to its house buyers since last year.
DAMAC hopes that this move into the metaverse will broaden its services to meet the requirements of Group members in regards to digital assets – including virtual homes, digital property, as well as digital wearables, and digital jewelry after its acquisitions of de Grisogono Swiss jeweler and Roberto Cavalli Italian fashion brand.
“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,” said Hussain Sajwani, Founder of DAMAC.