Feb 17, 2023
Dubai Embraces Crypto, Integrates NFTs and Metaverse
The city of Dubai has been very welcoming to the crypto space, providing much-needed regulatory clarity to help the industry thrive. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses started integrating technologies into their operations, such as cryptocurrencies, nonfungible tokens (NFTs) and even the metaverse.
Cointelegraph ventured to Dubai to better understand how crypto and Web3 technologies have been integrated within businesses in the emirate.
Crypto Payments for Groceries
Day to Day, one of Dubai’s most popular and affordable grocery chains, made headlines last year when they announced that they would begin accepting crypto payments. On Aug. 8, the local media outlet, Khaleej Times, reported that the hypermarket had started to accept crypto payments in their online store and in several branches throughout Dubai.
Cointelegraph visited the Al Quoz branch and tried to use crypto to buy groceries. Unfortunately, the staff said that in-store crypto purchases were unavailable and directed Cointelegraph to the online store instead.
Despite the lack of support in one branch, crypto users can still 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 to get their comments but did not get a response.
Luxury Cars in the Real World and in the Metaverse
Dubai is known for its luxurious lifestyle and one of the most popular ways to experience luxury is to drive expensive cars. Cointelegraph spoke with a luxury car club based in Dubai that has found a way to utilize NFTs and various Web3 technologies in their business.
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:
“Our team is bringing a luxury car club to the metaverse. We’re already 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.”
According to Xenofontos, the project is also bringing their luxury car club to the metaverse and gave Cointelegraph a sneak peek at their metaverse project that replicated one of Dubai’s most popular attractions, the Dubai Eye.
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 Just 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.
Apart from food businesses, 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 city of Dubai is demonstrating its commitment to the crypto space, providing the necessary regulatory clarity to help the industry thrive. This has attracted native Web3 and crypto businesses to the emirate, while even non-crypto businesses have started integrating digital technologies into their operations.
Cointelegraph ventured to Dubai to better understand how crypto and Web3 technologies have been integrated within businesses in the emirate. Day to Day, one of Dubai’s most popular and affordable grocery chains, made headlines last year when they announced that they would begin accepting crypto payments. Cointelegraph visited the Al Quoz branch and tried to use crypto to buy groceries, however, the staff said that in-store crypto purchases were unavailable and directed Cointelegraph to the online store instead.
Elchai Group is bringing luxury cars to the decentralized community through NFTs. Maria Xenofontos,
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