Union Square House (USH), the most awarded, multi-billion-dirham real estate brokerage in Dubai, is set to launch the first Metaverse mansions in the MENA region this year.
The initiative comes at a time when Dubai’s public and private sectors are at the forefront of Web3 adoption. Non-fungible Tokens (NFTs) are becoming increasingly popular in Dubai. The real estate sector is considered one of the primary beneficiaries, standing first in line to benefit from Web3 applications, which run on blockchain technology using decentralized, peer-to-peer networks.
USH plans to develop and sell ultra-luxury digital properties as NFTs, with or without their physical twins, by leveraging Dubai’s incisive investor community and a relatively young population, which is characterized by high levels of familiarity and comfort with the concept of virtual worlds and its prospects.
“Our foray into the Metaverse stems from our strong belief in a prevalent virtual world that is set to transform many sectors, on top of which is real estate. In the long term, owning virtual assets such as real estate will benefit those with access to the Metaverse, leaving others behind. In futuristic cities like Dubai, which thrives on a predominantly young generation, people understand the value and potential of digital assets.”
Recently, Dubai World Trade Centre (DWTC) launched MetaIncubator, the first Metaverse incubator in the Middle East. The Ministry of Economy has hosted the world’s first-ever economic summit, Investopia Investment Summit, in the Metaverse.
The Ministry of Health and Prevention (MOHAP) has also developed a new Metaverse platform, allowing people to access medical care and receive health-related support virtually. Within the private sector, Dubai-based metaverse startup Eikonikos has recently raised $2 million in pre-seed funding.