Feb 17, 2023

Dubai Embraces Crypto: Groceries, Luxury Cars & More

The city of Dubai has been a welcoming home to crypto and Web3 businesses, providing much-needed regulatory clarity to help the industry thrive. The emirate is also becoming a hub for businesses that are starting to integrate technologies like cryptocurrencies, nonfungible tokens (NFTs), and even the metaverse into their operations.

Cointelegraph explored parts of Dubai to find out how crypto and Web3 technologies have been integrated within businesses in the emirate.

Grocery Shopping with Crypto

Day to Day, one of Dubai’s most popular and affordable grocery chains, announced last year that it started accepting crypto payments. On Aug. 8, the local media outlet, Khaleej Times, reported that the hypermarket has started to accept crypto payments in their online store and several branches throughout Dubai.

Cointelegraph visited the Al Quoz branch and attempted to use crypto to buy groceries. Despite the advertisements of accepting crypto displayed all over the store, the staff said in-store crypto purchases were unavailable and directed Cointelegraph to use the online store instead.

Crypto users can shop using crypto on the online store. The branch accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and various other coins as payment for online orders. Cointelegraph reached out to the official Day To Day hypermarket team but did not get a response.

Luxury Cars in the Real World and in the Metaverse

Dubai has long been a destination for luxury experiences, and one of the most popular ways to experience luxury is to drive expensive cars. Cointelegraph spoke with Elchai Group, a luxury car club based in Dubai, which found a way to utilize NFTs and various Web3 technologies in their business.

Elchai Group’s luxury cars. Photo by: Joanna Alhambra

Elchai Group is bringing luxury cars to the decentralized community through NFTs. Maria Xenofontos, Elchai Group’s chief marketing officer, told Cointelegraph that NFT holders who are also automatically members of their car club would be able to rent physical exotic cars from Elchai’s car collection. Xenofontos also explained that the team is developing The Universe Eye, a metaverse project that will first replicate the city of Dubai. The metaverse will facilitate private events, celebrity concerts, and a luxury supercars showroom.

When asked about NFTs, the executive said that the space needs more exploration at the moment. “NFT as a form of ownership is something to explore more, and I am sure we will see their actual use case more in the coming years,” she said.

Flavio Elia, the founder and CEO of Elchai Group, told Cointelegraph the inspiration behind the project. “It’s simple, really. After 20 years in the luxury car trading business, I wanted to pursue my dream of forming a car club. It’s my love for cars and the endless possibilities in the metaverse that has driven me to pursue this project,” he said.

Crypto Payment Integrations That Don’t Last

Apart from Day To Day, other businesses within Dubai have also announced various crypto payment integrations in the last year but failed to gain traction. On March 3, 2022, the Indian restaurant, The Bhukkad Cafe, announced that it accepted BTC payments. Almost a year later, Cointelegraph visited the store to check if they still accepted Bitcoin. According to the store clerks, they only accept cash or card.

On Feb. 16, 2022, the media outlet, Time Out Dubai, reported on a new online restaurant called Doge Burger, taking inspiration from dog-themed tokens like Dogecoin (DOGE) and Shiba Inu (SHIB). But when Cointelegraph tried to order one of the burgers, the order did not arrive. Exactly one year later, the project’s website cannot be accessed anymore.

A popular school in Dubai also dipped its toes into crypto payments but backtracked almost immediately. On Feb. 9, Binance announced a partnership with the Canadian University Dubai to enable crypto payments within the university. However, less than a day after the announcement, the university backtracked on accepting crypto, citing technical roadblocks.

Despite some projects struggling with crypto integrations, Dubai’s crypto industry is still alive. In a recent Cointelegraph interview, Crypto Oasis co-founder Saqr Ereiqat said that many talents from around the world are coming into the United Arab Emirates (UAE) to work in the crypto space.

“We are witnessing an unprecedented migration of talent and capital from around the world into the UAE,” he said. In addition, the executive highlighted that at the moment, more than 8,300 professionals are working in the space in the Crypto Oasis alone.

The emirate of Dubai is quickly becoming a hub for crypto and Web3 technologies. Businesses are finding creative ways to integrate these technologies into their operations. From luxury car clubs to grocery stores, Dubai is providing the perfect environment for businesses to experiment with crypto and NFTs. While some projects have had difficulty integrating crypto payments, the city is still attracting talents from around the world and is becoming a center for crypto and NFT promotion and marketing. As the city continues to embrace the crypto space, more businesses are likely to follow suit and start using web3 technologies.

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