Feb 17, 2023
Dubai Embraces Crypto, Integrates Web3 Tech Across Businesses
Dubai has become a hub for the Web3 and crypto industries, with many businesses in the emirate integrating technologies such as 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 adopted by some businesses in the emirate.
Day to Day, one of Dubai’s most popular and affordable grocery chains, announced that they had started accepting crypto payments last year. Cointelegraph visited the Al Quoz branch to try and use crypto to buy groceries, but the staff said that in-store crypto purchases were unavailable and directed Cointelegraph to use the online store instead. The online store accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and various other coins as payment for orders.
Luxury cars are also being brought to the decentralized community through NFTs, with a luxury car club based in Dubai utilizing NFTs and various Web3 technologies in their business. The Elchai Group project is bringing luxury cars to the metaverse, with NFT holders who are also automatically members of their car club being able to rent physical exotic cars from Elchai’s car collection. Maria Xenofontos, Elchai Group’s chief marketing officer, told Cointelegraph that the team is also developing The Universe Eye, a metaverse project that will replicate the city of Dubai, facilitating private events, celebrity concerts, and a luxury supercars showroom.
Other businesses within Dubai have also announced crypto payment integrations in the last year but failed to gain traction. The Bhukkad Cafe, an Indian restaurant, announced that it accepted BTC payments, but Cointelegraph found that the store only accepts cash or card. Doge Burger, an online restaurant taking inspiration from dog-themed tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), also failed to gain traction, with the project’s website not being accessible anymore. A popular school in Dubai also dipped its toes into crypto payments but backtracked almost immediately, citing technical roadblocks.
Despite some projects struggling with crypto integrations, Dubai’s crypto industry is still alive. 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. He highlighted that at the moment, more than 8,300 professionals are working in the space in the Crypto Oasis alone.
The adoption of crypto and Web3 technologies within Dubai businesses is still in its early stages, but it is clear that the city is open to the potential of the space. As more businesses explore the potential of NFTs and other crypto technologies, there is a huge opportunity for businesses to use these technologies to promote their products and services, and for marketing agencies to provide NFT marketing services to help businesses reach their target audiences. With the right NFT marketing strategy, businesses can leverage the potential of NFTs to drive more sales and increase their brand recognition.
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