The state of crypto adoption in Dubai
The city of Dubai has been very welcoming to the crypto space, providing much-needed regulatory clarity to help the industry flourish. While this attracts native Web3 and crypto businesses to the emirate, even non-crypto businesses began to integrate technologies such as crypto, non-fungible tokens (NFTs) and even metaverse into their businesses.
Cointelegraph went to explore different parts of Dubai to find out how crypto and Web3 technologies have been integrated into some businesses in the emirate.
Ordering groceries with cryptocurrency
Day To Day, one of the most popular and affordable grocery chains in Dubai, announced that they started accepting crypto payments last year. On August 8, local media Khaleej Times reported that the hypermarket has started accepting crypto as payment in its online store and several of its branches throughout Dubai.
Cointelegraph recently visited the store’s Al Quoz branch to use crypto to purchase groceries within the popular shopping brand. Despite the advertisements for accepting crypto being displayed throughout the store, staff told Cointelegraph that in-store crypto purchases are unavailable and directed to use the online store instead.
Despite the lack of support in a branch, the good news is that crypto users can still trade crypto in the online store. The branch accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and various other coins as payment for online orders.
Cointelegraph also reached out to the official Day To Day Hypermarket team for their comments, but did not receive a response.
Luxury cars in the real world and in the metaverse
Dubai appeals to 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 luxury car club based in Dubai that found a way to use NFTs and various Web3 technologies in their business.
A luxury project called Elchai Group is bringing luxury cars to the decentralized community through NFTs. Maria Xenofontos, the marketing manager, told Cointelegraph that their NFT holders, who are also automatically members of their car club, will be able to rent physical exotic cars within their 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 recreate the city of Dubai. […] The Metaverse will facilitate private events, celebrity concerts and a luxurious showroom for supercars.”
According to Xenofontos, the project also brings their luxury car club to the metaverse and gave Cointelegraph a sneak peek at their metaverse project replicating one of Dubai’s most popular attractions called the Dubai Eye.
Asked about NFTs, the executive said the space needs more exploration at the moment. “NFT as a form of ownership is something to explore more and I’m sure we’ll see their actual application more in the coming years,” she said.
Flavio Elia, CEO and founder of Elchai Group, told Cointelegraph the inspiration behind the project. “It’s simple really, after 20 years in the luxury car business, I wanted to pursue my dream of forming a car club into reality. It is my love of cars and the endless possibilities of the metaverse that have driven me to pursue this project,” he said.
Some crypto payment integrations just don’t last
Apart from Day To Day, other businesses in Dubai have also announced various crypto payment integrations in the past year but found no traction. On March 3rd, Indian restaurant Bhukkad cafe announced that it started accepting BTC payments. Almost a year later, Cointelegraph visited the store to check if they still accepted Bitcoin. But according to the store staff, they only accept cash or cards.
Related: How the UAE became the Middle East champion of digital assets
On February 16, 2022, the media outlet Time Out Dubai reported on a new online restaurant called Doge Burger, which drew inspiration from dog spots such as Dogecoin (DOGE) and Shiba Inu (SHIB). However, when Cointelegraph attempted to order one of the burgers, the order did not arrive. Exactly one year later, the project’s website is no longer available.
Aside from food businesses, a popular school in Dubai also dipped its toes into crypto 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 crypto, citing technical roadblocks.
Despite some projects struggling with their crypto integrations, the crypto industry is still alive and well 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. Additionally, the executive pointed out that there are currently more than 8,300 professionals working in the Crypto Oasis space alone.
