Groceries to luxury cars: The state of crypto adoption in Dubai

The town of Dubai has been very welcoming to the crypto house, offering much-needed regulatory readability to assist the business thrive. Whereas this attracts native Web3 and crypto companies to the emirate, even non-crypto companies began integrating applied sciences into their operations, like cryptocurrencies, nonfungible tokens (NFTs) and even the metaverse. 

Cointelegraph explored elements of Dubai to learn the way crypto and Web3 applied sciences have been built-in inside some companies within the emirate.

Ordering groceries with cryptocurrencies

Day to Day, one in every of Dubai’s hottest and inexpensive grocery chains, introduced that it began accepting crypto funds final yr. On Aug. 8, the native media outlet, Khaleej Instances, reported that the hypermarket has began to simply accept crypto funds of their on-line retailer and a number of other branches all through Dubai. 

Cointelegraph not too long ago visited the Al Quoz department and tried to make use of crypto to purchase groceries. Nevertheless, regardless of the ads of accepting crypto displayed everywhere in the retailer, the employees stated in-store crypto purchases are unavailable and directed Cointelegraph to make use of the net retailer as an alternative.

Day to Day hypermarket promoting that they settle for cryptocurrencies.

Regardless of the dearth of help in a single department, the excellent news is that crypto customers can nonetheless store utilizing crypto on the net retailer. The department accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and varied different cash as cost for on-line orders.

Screenshot of the checkout system in Day To Day’s on-line retailer. Supply: Day to Day

Cointelegraph additionally reached out to the official Day To Day hypermarket staff to get their feedback however didn’t get a response. 

Luxurious automobiles in the actual world and within the metaverse

Dubai appeals to many who desire a style of luxurious, and one of the crucial standard methods to expertise luxurious is to drive costly automobiles. Cointelegraph spoke with a luxurious automobile membership based mostly in Dubai that discovered a solution to make the most of NFTs and varied Web3 applied sciences of their enterprise. 

A few of Elchai Group’s luxurious automobiles. Picture by: Joanna Alhambra

A luxurious mission known as Elchai Group is bringing luxurious automobiles to the decentralized group by way of NFTs. Maria Xenofontos, Elchai Group’s chief advertising and marketing officer, advised Cointelegraph that NFT holders who’re additionally routinely members of their automobile membership would have the ability to lease bodily unique automobiles from Elchai’s automobile assortment. Xenofontos additionally defined that: 

“Our staff is bringing a luxurious automobile membership to the metaverse. We’re already growing The Universe Eye, a metaverse mission that can first replicate the town of Dubai. […] The metaverse will facilitate personal occasions, movie star live shows, and a luxurious supercars showroom.”

In accordance with Xenofontos, the mission can be bringing their luxurious automobile membership to the metaverse and gave Cointelegraph a sneak peek at their metaverse mission that replicated one in every of Dubai’s hottest sights, the Dubai Eye.

Cointelegraph’s Ezra Reguerra interviewing Elchai Group’s Maria Xenofontos. Picture by: Joanna Alhambra

When requested about NFTs, the chief stated that the house wants extra exploration in the mean time. “NFT as a type of possession is one thing to discover extra, and I’m positive we are going to see their precise use case extra within the coming years,” she stated. 

Cointelegraph’s Ezra Reguerra with the Elchai Group’s staff members.

Flavio Elia, the founder and CEO of Elchai Group, advised Cointelegraph the inspiration behind the mission. “It’s easy, actually. After 20 years within the luxurious automobile buying and selling enterprise, I wished to pursue my dream of forming a automobile membership. It’s my love for automobiles and the infinite potentialities within the metaverse that has pushed me to pursue this mission,” he stated. 

Some crypto cost integrations simply don’t final

Aside from Day To Day, different companies inside Dubai have additionally introduced varied crypto cost integrations within the final yr however failed to realize traction. On March 3, 2022, the Indian restaurant, The Bhukkad Cafe, announced that it accepted BTC funds. Virtually a yr later, Cointelegraph visited the shop to test in the event that they nonetheless accepted Bitcoin. In accordance with the shop clerks, they solely settle for money or card.

Associated: How the UAE turned the Center East’s digital asset champion

On Feb. 16, 2022, the media outlet, Time Out Dubai, reported on a brand new on-line restaurant known as Doge Burger, taking inspiration from dog-themed tokens like Dogecoin (DOGE) and Shiba Inu (SHIB). However when Cointelegraph tried to order one of many burgers, the order didn’t arrive. Precisely one yr later, the mission’s web site can’t be accessed anymore.

Aside from meals companies, a preferred college in Dubai additionally dipped its toes into crypto funds however backtracked nearly instantly. On Feb. 9, Binance introduced a partnership with the Canadian College Dubai to allow crypto funds inside the college. Nevertheless, lower than a day after the announcement, the college backtracked on accepting crypto, citing technical roadblocks.

Regardless of some tasks scuffling with crypto integrations, Dubai’s crypto business continues to be alive. In a latest Cointelegraph interview, Crypto Oasis co-founder Saqr Ereiqat stated that many skills from all over the world are coming into the United Arab Emirates (UAE) to work within the crypto house. 

“We’re witnessing an unprecedented migration of expertise and capital from all over the world into the UAE,” he stated. As well as, the chief highlighted that in the mean time, greater than 8,300 professionals are working within the house within the Crypto Oasis alone.

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