Mar 18, 2023
NFTs Revolutionize UAE Philanthropy, Research & Events
As the United Arab Emirates (UAE) continues to be a welcoming environment for blockchain-based technologies, nonfungible tokens (NFTs) are increasingly being used by projects in the region. Cointelegraph visited Dubai and Abu Dhabi to explore how crypto projects are utilizing NFTs in various ways, from concert tickets to research and philanthropy.
Farcana Labs is a project based in Jumeirah Village Circle in Dubai that has come up with an innovative way to use NFTs in research. At the AIBC Dubai conference, Cointelegraph spoke with Farcana Labs’ artificial intelligence scientist Dmitry Mikhailov to learn more about their approach.
Mikhailov told Cointelegraph that Farcana collects data from gamers, who are referred to as “donors,” in exchange for a fraction of future intellectual property rights. Scientists can gather data and funding for their research projects through “research NFTs,” which are given to the donors and investors. This is a great way for researchers to get funds without having to apply for grants, Mikhailov said.
The data collected from players is also being sent to Rashid Hospital, a government hospital in the UAE. The data is used to study methods for diagnosing Parkinson’s disease, dementia and attention deficit hyperactivity disorder (ADHD).
In Abu Dhabi, NFT tickets were used at Ultra Abu Dhabi, an electronic dance music festival featuring popular DJs like Calvin Harris and Skrillex. The event was held at Yas Island, and was provided by Fellaz and BNB Chain.
Cointelegraph visited the festival to see how NFT tickets work, and if there are any differences between traditional tickets and those using blockchain technology. Apart from a few extra steps, like downloading a specific wallet, using NFT tickets is very similar to using normal tickets. However, there are many benefits to using NFT tickets, such as the ability to combat fraud and the flexibility of transferring and reselling tickets without paying fees to resellers.
Alvin Kan, director of growth at BNB Chain, noted that event organizers would also have on-chain ownership records, allowing them to engage with the audience more, even after the event.
Philanthropy is also an important part of UAE culture, and Philcoin is a project that is committed to providing charitable relief to people worldwide. Philcoin’s chief marketing officer Tatum April told Cointelegraph that their platform offers NFT rewards, and to claim the rewards, people need to give back to causes they are passionate about. April added that blockchain technology is a great way to make philanthropy more transparent and efficient.
NFTs are being used in many different ways in the UAE, from research and philanthropy to ticketing. As the UAE continues to provide a welcoming regulatory framework for blockchain-based technologies, it is likely that NFTs will continue to be used in innovative ways.
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