Dubai’s real estate benefits from Web3 applications
As Dubai leads the MENA region in virtual property, Union Square House introduces the first Metaverse mansions. Ultra-luxurious digital houses that may be exchanged as NFTs without or with their physical equivalents.
From 2022 to 2028, the metaverse real estate industry is expected to grow at a 31 percent compound annual growth rate (CAGR). Union Square House (USH), Dubai’s most well-known multi-billion-dollar real estate corporation, will debut the first Metaverse townhouses in the MENA region this year. The project comes at a time when Dubai’s business and public sectors are at the forefront of Web3 adoption.
Non-fungible Tokens (NFTs) are becoming increasingly popular in Dubai. The real estate zone is considered one of the key benefactors and is the first in line to benefit from Web3 apps, which are built on blockchain technology and run on decentralized peer-to-peer networks.
According to recent market statistics, real estate revenue within the Metaverse hit $500 million in 2021, and revenue is expected to treble by the end of 2022. From 2022 to 2028, the metaverse real estate industry is expected to grow at a 31 percent compound annual growth rate (CAGR). USH plans to expand and promote ultra-luxurious virtual residences as NFTs, without or without their physical Twins, by leveraging Dubai’s astute investor network and comparatively younger population, which is defined by a high degree of familiarity and luxury with the concept of digital worlds and its prospects.
MetaIncubator, the Middle East’s first Metaverse incubator, was recently launched by Dubai World Trade Center. Within the Metaverse, the Ministry of Economic Affairs sponsored the world’s first-ever financial gathering, the Investopia Investment Summit.
The Ministry of Health and Prevention (MOHAP) has also developed a new Metaverse platform, which provides people with digital access to hospital therapy and health-related help. Eikonikos, a Dubai-based fully metaverse firm, recently secured $2 million in pre-seed investment in the personal zone.
“Our venture into the Metaverse derives from our strong belief in a dominating digital empire to be able to transform numerous sectors, including real estate,” said Gaurav Aidasani, Founder and Director of Union Square House (USH). In the long term, proudly possessing digital property, including genuine physical property, is beneficial.
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