MANTRA to Tokenize Over $1B of DAMAC Group's Assets Starting in Early 2025

Dubai-based real estate conglomerate DAMAC Group is set to tokenize over $1 billion of its assets through MANTRA’s Web3 infrastructure, paving the way for investors to access the group's diverse portfolio through digital tokens.

This initiative marks a significant step in the integration of real-world assets (RWAs) into the blockchain ecosystem, offering new opportunities for retail and institutional participation in DAMAC’s ventures.

According to the announcement on Thursday, further details regarding the specific properties and tokenized offerings will be disclosed in the coming weeks, with the offerings slated to launch in early 2025.

DAMAC, led by UAE billionaire Hussain Sajwani, boasts a multi-billion-dollar conglomerate spanning real estate, hospitality, and data centers. The group notably began accepting cryptocurrency payments in 2022.

MANTRA, on the other hand, is a decentralized Web3 infrastructure company that launched its mainnet in October 2023. Its native token, OM, has seen a substantial surge, rallying by 200% over the past three months to reach a market capitalization of $3.6 billion, hitting an all-time high in December.

“This partnership with DAMAC Group is an endorsement for the RWA industry,” said MANTRA CEO John Patrick Mullin.

"We're thrilled to partner with such a prestigious group of leaders that share our ambitions and see the incredible opportunities of bringing traditional financing opportunities on-chain."

Tokenization, which involves converting traditional assets into blockchain-based digital tokens, has been gaining traction globally due to its potential to improve settlement speeds and broaden access for investors.

Reports estimate that the market for tokenized real-world assets could reach trillions of dollars by the end of the decade.

In line with this趨勢, BlackRock launched its BUIDL tokenized fund in March 2024, which has since expanded across five major blockchains. The fund provides on-chain yield, flexible custody, and integration features, enabling projects like Ethena and Frax to launch stablecoins backed by this fund.

Moreover, Tether has been advancing its tokenization strategy, preparing to launch Hadron, a platform for RWA tokenization. Starting in February 2023, Hadron will provide a full user interface and API support for institutional use.