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 companies to the emirate, even non-crypto companies have begun integrating technologies like cryptocurrencies, non-fungible tokens (NFTs), and even the metaverse into their operations.
Cointelegraph went to explore various parts of Dubai to find out how crypto and Web3 technologies have been integrated into some businesses in the emirate.
Order food with cryptocurrency
Day To Day, one of the most popular and affordable grocery chains in Dubai, announced that it started accepting crypto payments last year.. On Aug. 8, local outlet Khaleej Times reported that the hypermarket has started accepting cryptocurrency as payment at its online store and at several of its branches across Dubai.
Cointelegraph recently visited the Al Quoz branch of the store to use cryptocurrency to purchase groceries within the popular shopping brand. However, Despite crypto-accepting announcements displayed throughout the store, staff told Cointelegraph that in-store crypto purchases are not available and asked to use the online store instead.
Despite the lack of support in a branch, the good news is that cryptocurrency users can still shop using cryptocurrency within the online store. The branch accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and various other currencies as payment for online orders.
Cointelegraph has also reached out to the official Day To Day Hypermarket team for comment, but has not received a response.
Luxury cars in the real world and in the metaverse
Dubai attracts many who want a taste of luxury, and one of the most popular ways to experience luxury is to drive expensive cars. Cointelegraph spoke to a Dubai-based luxury car club that found a way to use NFTs and various Web3 technologies in its business.
A luxury project called Elchai Group is bringing luxury cars to the decentralized community through NFTs. Maria Xenofontos, the marketing director, told Cointelegraph that her NFT holders who are also automatically members of her car club will be able to rent physical exotic cars within her Elchai car collection. Xenophontos also explained that:
“Our team is bringing a luxury car club to the metaverse. We are 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 supercar showroom.”
According to Xenofontos, the project also takes his luxury car club into the metaverse and gave Cointelegraph a sneak peek of his metaverse project that replicated one of Dubai’s most popular attractions called 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 further, and I’m sure we’ll see more of its actual use case in the coming years,” he said.
Flavio Elia, CEO and founder of the Elchai Group, explained to Cointelegraph the inspiration behind the project. “It’s very simple, after 20 years in the luxury car trading business, I wanted to make my dream of creating a car club come true. It is my love for cars and the endless possibilities of the metaverse that has driven me to carry out carry out this project,” he said.
Some crypto payment integrations just don’t last
Apart from Day To Day, other Dubai companies have also announced several cryptocurrency payment integrations in the past year, but they have not been successful. On March 3, Indian restaurant Bhukkad cafe announced that it has started accepting BTC payments. Nearly a year later, Cointelegraph visited the store to see if they were still accepting Bitcoin. However, according to the shop assistants, they only accept cash or card.
On February 16, 2022, Time Out Dubai reported on a new online restaurant called Doge Burger, inspired by dog 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 website is no longer accessible.
Aside from food companies, a popular Dubai school also delved into cryptocurrency payments, but backed out almost immediately. On February 9, Binance announced a partnership with Canadian University Dubai (CUD) to enable crypto payments within the university. However, less than a day after the announcement, the university backtracked on accepting cryptocurrencies, citing technical blocks.
Dear CUD Community,
For technical reasons, CUD will not be accepting cryptocurrency as a method of payment, until further notice.
We apologize for any inconvenience. pic.twitter.com/b9rERYHR7g
— CUDubai (@CUDUAE) February 10, 2023
Dear CUD community,
For technical reasons, CUD will not be accepting cryptocurrencies as a payment method, until further notice.
We apologize for any inconvenience.
Despite some projects having difficulties with their crypto integrations, the crypto industry is still very much alive in Dubai. In a recent Cointelegraph interview, Crypto Oasis co-founder Saqr Ereiqat said that many talents from around the world are coming to 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 to the UAE,” he said. In addition, the executive noted that there are currently more than 8,300 professionals working in the space at Oasis Cripto alone.
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