Feb 17, 2023
Dubai Embraces Crypto, Integrates NFTs and Metaverse
Dubai has become a hub for the crypto and Web3 industries, providing much-needed regulatory clarity for businesses to thrive. From accepting cryptocurrencies for groceries, to luxury cars in the real world and the metaverse, to even schools, Dubai is embracing the crypto space.
Cointelegraph explored Dubai to find out how businesses are integrating crypto and Web3 technologies.
Ordering groceries with cryptocurrencies
Day to Day, a popular and affordable grocery chain in Dubai, announced last year that they 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 tried to use crypto to buy groceries. However, despite the advertisements of accepting crypto displayed all over the store, the staff said in-store crypto purchases are unavailable and directed Cointelegraph to use the online store instead.
Screenshot of the checkout system in Day To Day’s online store. Source: Day to Day
The good news is that 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.
Luxury cars in the real world and in the metaverse
Elchai Group, a luxury car club based in Dubai, 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 they are 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.
Cointelegraph’s Ezra Reguerra with the Elchai Group’s team members. Photo by: Joanna Alhambra
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.
Some crypto payment integrations 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.
Dubai’s embrace of crypto is evident in its businesses, from groceries to luxury cars and even schools. While some projects have yet to gain traction, Dubai’s crypto industry is still alive and thriving. As the city continues to welcome the crypto space, we can expect to see more businesses adopting crypto and NFTs in the future.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
