Damac Properties, a prominent real estate developer based in Dubai, United Arab Emirates, announced Wednesday that it would begin taking Bitcoin and Ether payments for its luxury properties.
Damac stated that enabling the acquisition of premier real estate via bitcoin and other cryptocurrencies will transform the future of global property development.
Damac has also announced intentions to invest up to $100 million in its latest project, which would focus on the development of digital cities.
This metaverse endeavor will be directed by Ali Sajwani, who will serve as both the CEO of D-Labs and the general manager of Damac.
Bitcoin Payment For High-End Properties
Damac Properties was created in 2002 by billionaire Hussain Sajwani and has operations throughout Canada, the United Kingdom, and the Middle East.
Additionally, the firm owns the upscale fashion and jewelry labels De-Grisgono and Roberto Cavalli.
Ali Sajwani discussed the progress and said:
“This shift toward cryptocurrency ownership by customers is one of our measures to fast-track the transition to the new economy for younger generations and the future of our industry.”
Sajwani is well-known for his flamboyant marketing strategies, which include giving away free Lamborghinis to property buyers. In 2013, he also partnered with Donald Trump to open numerous Trump-branded golf courses in Dubai.
Crypto total market cap at $1.67 trillion on the daily chart | Source: TradingView.com
Apart from real estate, a number of restaurants and other companies, including start-ups, have begun to accept bitcoin as payment.
The UAE has positioned itself at the forefront of the bitcoin revolution by establishing designated accelerators and crypto facilities, as well as regulatory systems.
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UAE’s Crypto Push Attracting Big Players
The UAE’s commitment to developing the crypto business has recently attracted big companies.
Following the government’s decision to provide crypto asset licenses under the Dubai Virtual Assets Regulatory Authority, some of the largest crypto exchanges are relocating to the emirate region.
Damac’s current project is part of a broader push toward digital assets and non-fungible tokens by the firm. Priority will be given to existing Damac customers in the new effort.
According to Market Research Future (MRF), the metaverse market will be worth $21.91 billion in 2020. Bloomberg Intelligence believes that the metaverse could generate roughly $800 billion in income by 2024.
The Dubai Municipality affirmed during the recently held World Government Summit that it will collaborate with private sector enterprises and investors to construct a futuristic, human-centered version of the city that capitalizes on the metaverse’s prospects.
Featured image from MENA Digital News, chart from TradingView.com