UAE Business: Now you can buy a mansion in metaverse, a USH project – Gulf Digital News

UAE Business: Now you can buy a mansion in metaverse, a USH project – Gulf Digital News

Union Square House (USH), a 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, a statement said.

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 Web3 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% from 2022 to 2028.

Leveraging Dubai’s 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.

Most recently, Dubai World Trade Centre launched MetaIncubator, the first metaverse incubator in the Middle East. The Ministry of Economy has hosted the world’s first economic summit, Investopia