Dubai Skyline peeks through dense fog on April 21, 2022. Photo by Gulf News reader Preeti Parti.
Mansions in the Metaverse world? A brokerage firm, Union Square House, in Dubai plans to let buyers into Metaverse mansions soon. Image Credit: Preeti Parti/Gulf News reader

Dubai: Want to buy a masnon in Dubai – but on the Metaverse, the alt-reality universe? The brokerage firm Union Square House will make that happen.

These would, according to the broker, be the first Metaverse mansions in the region this year. Already, the parallel digital landscape has seen global real estate sales of $500 million last year and the sales are expected to double this year. Apart from ownership, investing in the virtual mansions allows buyers to view the homes in Augmented Reality form, as well as interact with users/'digital neighbours'.

Adoption of Non-Fungible Tokens (NFTs) that drive these creations have been a hot-selling item in the UAE, and 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 decentralized, peer-to-peer networks’.

Gaurav Aidasani, Managing Director of Union Square House, said: “In the long term, owning virtual assets such as real estate will benefit those with access to the Metaverse, leaving others behind. In futuristic cities like Dubai, which thrives on a predominantly young generation, people understand the value and potential of digital assets.”

We believe digital real estate has already gone mainstream. A number of lenders are even offering mortgages to support customers in buying virtual properties. All these developments present investors in the Metaverse with an opportunity to multiply the value of their virtual assets over the coming few years

- Gaurav Aidasani of Union Square House