Union Square House’s launches mansions
05 May 2022 – Khaleej Times – www.khaleejtimes.com
This Dubai-based real estate brokerage is set to launch the first metaverse mansions in the nation. In addition to ownership, investing in digital mansions allows buyers to view their properties in Augmented Reality form, and interact with other users and digital neighbours.
Founder Gaurav Aidasani said: “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.”
The adoption of Non-Fungible Tokens (NFTs) in Dubai has been snowballing. The real estate sector is considered one of the primary beneficiaries, standing first in line to benefit from Web 3.0 applications, which run on the blockchain technology using decentralised, peer-to-peer networks.
According to recent market data, real estate sales in the Metaverse reached $500 million in 2021, and the sales volume is expected to double in 2022. The metaverse real estate market is projected to grow at a CAGR of 31 per cent from 2022 to 2028.
Leveraging Dubai’s astute investor community and a relatively young population, which is characterised by high levels of familiarity and comfort with the concept of virtual worlds and its prospects, USH plans to develop and sell ultra-luxury digital properties as NFTs, with or without their physical twins.