Quick summary:
- DAMAC Group has launched a metaverse fund of up to $100 million.
- The Emirati business conglomerate wants to build its own digital cities in the metaverse.
- The group has launched a unit called D-Labs, which will run the metaverse initiatives.
DAMAC Group has launched its metaverse campaign after setting aside up to $100 million to invest in the immersive 3D world. The company has created a new unit called D-Labs, which will run its Web3 initiatives.
DAMAC is a UAE business conglomerate that runs operations in several sectors. Some of its subsidiaries include the global property development company DAMAC Properties, data centre firm Edgnex, luxury jeweller de Grisogono and fashion house Roberto Cavalli, among others.
The company said it will give priority to all group companies and customers served by its properties. The D-Labs project is part of the group’s broader strategy of becoming a digital brand.
Besides building digital cities, DAMAC Group also plans to offer various virtual goods including virtual homes, digital property, digital wearables, and digital jewellery.
Commenting on the company’s new initiative, Hussain Sajwani, Founder of DAMAC said: “In an attempt to mould 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.”
Ali Sajwani, Chief Executive Officer of D-Labs and DAMAC General Manager will run D-Labs operations spearheading the group’s metaverse campaign, which also includes embracing digital assets like non-fungible tokens (NFTs).
Commenting on his role in the newly created unit, Ali Sajwani highlighted the company’s progress in digital transformation over the past two years, adding that the metaverse initiative will accelerate the process and boost the company’s digital footprint.
“As well as updating our systems, processes and operations across departments, we have been investing in building a strong team of skilled and talented experts to help support our ambitions of being a digital leader,” he said.
Sajwani was pointing to the group’s interactive 3D designs that it has been offering to its real estate customer through DAMAC Properties. The 3D virtual experiences utilise virtual reality (VR) and augmented reality (AR) technology.
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