Feb 17, 2023
Dubai Embraces Crypto, Web3 Tech for Groceries, Luxury Cars, and More
Dubai has been a major player in the crypto space, providing much-needed regulatory clarity to help the industry thrive. This has attracted not only native Web3 and crypto businesses to the emirate, but also non-crypto businesses that have started integrating crypto and Web3 technologies into their operations. Cointelegraph explored parts of Dubai to find out how crypto and Web3 technologies have been integrated within some businesses in the emirate.
Day to Day, one of Dubai’s most popular and affordable grocery chains, announced that it started accepting crypto payments last year. 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, but the staff said in-store crypto purchases are unavailable. However, 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.
Elchai Group’s chief marketing officer, Maria Xenofontos, also explained that 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.
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.
It’s clear that the emirate of Dubai is keen to promote the use of Web3 technologies. From accepting crypto payments in grocery stores to luxury car clubs integrating NFTs into their businesses, the city is pushing the boundaries of what is possible in the crypto and Web3 space. As more businesses explore the potential of NFTs and other Web3 technologies, the city of Dubai will remain at the forefront of the industry.
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