The partnership aims to transform the real estate landscape by leveraging blockchain technology to tokenize a broad array of assets within DAMAC's diverse portfolio.
Dubai’s DAMAC Group has entered into a landmark agreement with prominent layer-1 blockchain platform MANTRA, in a deal valued at a minimum of $1 billion. This partnership will see DAMAC tokenize a broad spectrum of its assets, ranging from completed residential towers to upcoming hospitality ventures and land plots, all of which will be integrated onto the MANTRA blockchain.
The collaboration marks a monumental step in merging digital finance with traditional markets, as MANTRA becomes the preferred distributed ledger for managing and recording real-world assets owned by DAMAC Group. Through this partnership, DAMAC’s assets, valued at a minimum of $1 billion, will be seamlessly tokenized, presenting a secure and transparent investment opportunity for a global audience. These assets are set to become available on the MANTRA blockchain in early 2025.
John Patrick Mullin, CEO of MANTRA, expressed his enthusiasm regarding the partnership, highlighting how it will address some of the longstanding challenges in the real estate investment landscape. He explained that the collaboration will enhance transparency, enable fractional ownership, and improve liquidity by allowing token-based financing. These advancements will make it easier for investors to access and participate in the property sector, while also addressing the current inefficiencies inherent in traditional real estate investments.
“Our partnership with DAMAC will pave the way for a new era of real estate investment, powered by blockchain technology. Together, we aim to make the property market more accessible, transparent, and liquid, opening up a world of possibilities for investors,” said Mullin.
According to Mullin, the tokenization of assets through blockchain will allow the property market to become more inclusive and accessible to a broader range of investors. This transformation will enable individuals and institutions alike to invest in property without the financial and logistical hurdles that typically accompany real estate transactions. By adopting MANTRA’s blockchain technology, DAMAC and MANTRA aim to create a more open and efficient real estate market for all participants.
Highlighting the growing adoption of blockchain technology across various industries in the region, this deal marks a significant step forward in integrating digital finance with traditional markets. MANTRA’s餍prominent layer-1 blockchain platformis known for its high throughput, low latency, and advanced smart contracting capabilities, making it an ideal network for large-scale tokenization initiatives.
The MANTRA blockchain has been purpose-built to handle high volumes of transactions while maintaining decentralization and security. Its unique architecture enables the creation of sidechains, which can be customized for specific use cases, such as real estate tokenization. These sidechains inherit the security of the main MANTRA blockchain, ensuring the integrity and immutability of tokenized assets.
As MANTRA continues to expand its footprint in the Web3 domain, this partnership with DAMAC is set to revolutionize the way real estate is bought, sold, and financed in the UAE, with the potential to serve as a model for other property markets around the world.
