Dubai-based conglomerate, the DAMAC Group, is making its debut in metaverse by planning to invest $100 million for building digital cities.
The project named D-Labs will be led by its CEO Ali Sajwani.
The DAMAC Group will offer digital assets ranging from virtual homes, digital property, as well as digital wearables, and digital jewellery through the company's acquisitions of Swiss jewellers de Grisogono, and Italian fashion brand Roberto Cavalli, respectively, the company said in a statement.
Hussain Sajwani, the founder of DAMAC, said: "We are keen to pioneer the possibilities that the metaverse offers in ways which allow us to be more connected and involved with our customers and their interests."
The group is the parent company of property developer DAMAC Properties, data centre firm Edgenex, luxury jeweller de Grisogono and fashion house Roberto Cavalli.
The metaverse broadly refers to shared virtual world environments which people can access via the internet. For businesses the benefits of adapting to the metaverse include increase customer engagement and loyalty, better connectivity and collaborations with stakeholders, and eventually increased revenue.
A Market Research Future (MRF) research observed that the metaverse market was worth $21.91 billion in 2020 and is predicted to grow at 41.7 percent by 2030.
(Reporting by Brinda Darasha; editing by Seban Scaria)