Dubai has been a very welcoming city to the crypto sector, providing the necessary regulatory clarity to allow the industry to thrive. Although this attracts local Web3 and crypto companies to the emirate, it also means that non-crypto businesses have started integrating technologies such as cryptocurrencies and nonfungible tokens.
Shopping with cryptocurrency
Day to Day is a popular and affordable supermarket chain in Dubai that started accepting crypto-payments last year. The hypermarket had begun to accept crypto payments through their online store and branches all over Dubai on August 8.
Despite the numerous advertisements for accepting crypto being displayed throughout the store, staff recommends to shop online instead.The good news is that you can still buy crypto using the online store, despite the absence of support for one branch.
Luxury cars in real life and in the Metaverse
Dubai is a destination that appeals to those who desire luxury. One of the best ways of experiencing luxury is to own a luxury car.
Elchai Group, a luxury project that offers luxury cars to the decentralized community using NFTs, is called Elchai Group. Maria Xenofontos from Elchai Group, chief marketing officer, explained that NFT holders, who are automatically members of their car club, would be able to lease exotic cars from Elchai. Xenofontos added that:
“Our team is creating a metaverse luxury car club. The Universe Eye, a new metaverse project that will first duplicate Dubai, is being developed by us. Private events, celebrity concerts, and an exclusive supercars showroom will all be possible in the metaverse.
According to Xenofontos’ project, they are also bringing their luxurious car club to the metaverse. Cointelegraph got a sneak peak at their metaverse project which replicated Dubai Eye.
When the executive was asked about NFTs and she said that NFT as a form or ownership is something that should be explored more. “I am certain we will see their actual uses case more over the next years.”
Some Cryptocurrency payment integrations don’t hold true
Day To Day is not the only business to announce crypto payment integrations. However, many other Dubai-based businesses also announced them in the last year. The Bhukkad Cafe in India, declared that it accepts BTC payments.
Even though some projects have had difficulties with crypto integrations, Dubai’s cryptocurrency industry is still viable. Saqr Ereiqat, Crypto Oasis’s co-founder, stated that many talented people are arriving in the UAE to do work in the crypto area.
“We are witnessing an unprecedented migration of talent and capital from all around the globe into the UAE,” he stated. Additionally, the executive pointed out that there are more than 8300 professionals working in the Crypto Oasis.
Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
