Dubai property brokerage is planning to sell city’s first “metaverse mansions”

A Dubai property dealer plans to sell the city’s first “metaverse mansions”, where purchasers can own a non-fungible token (NFT) with and without the bricks and mortar acquisition.

The Union Square House (USH) said in a statement on Monday, 25 April, that an online mansion will allow purchasers to view their properties in augmented reality.

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The broker is looking at options to capitalise on Dubai’s “high level of understanding” of the virtual world.

Gaurav Aidasani, founder and managing director of USH, said, “Our foray into the metaverse originates from our powerful belief in a prevailing virtual world that is set to change many sectors, top of which is real estate.”

“In futuristic cities like Dubai, which thrives on a largely young generation, individuals apprehend the value and potential of digital assets.”

“We believe digital real estate has already moved mainstream. Lenders are even presenting mortgages to support consumers in buying virtual properties. All these developments give momentum to digital properties, offering investors in the metaverse with a chance to multiply the value of their virtual assets,” he said.

A USH representative said the company strives to launch the first set of NFTs in July. Only ultra-luxury mansions will be sold, concentrating on “micro-markets such as The Palm Jumeirah, District One, Emirates Hills, Dubai Hills Estates and others.”

While the project will initially start in Dubai, he said the company plans to expand to Abu Dhabi and other major cities.

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The metaverse is an online space where three-dimensional digital representatives represent participants called avatars who interact with each other.

In simple words, it is a living person but in a virtual world interacting, performing and transacting.

Transactions in the metaverse are done using cryptocurrencies built on blockchain.

No one is the owner of the metaverse, and it is like the internet. There is not any defined owner, and the metaverse can be developed under internationally-adopted regulations.

Tariq Saeed

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