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

The metropolis of Dubai has been precise welcoming to the crypto space, providing the much-needed regulatory clarity to assistance the manufacture thrive. While this attracts autochthonal Web3 and crypto businesses to the emirate, adjacent non-crypto businesses started integrating technologies similar crypto, nonfungible tokens (NFTs) and adjacent the metaverse into their operations. 

Cointelegraph went to research assorted parts of Dubai to find retired however crypto and Web3 technologies person been integrated wrong immoderate businesses successful the emirate.

Ordering groceries with cryptocurrencies

Day To Day, 1 of the fashionable and astir affordable market chains successful Dubai, announced that it started to judge crypto payments past year. On Aug 8, section media outlet Khaleej Times reported that the hypermarket has started to judge crypto arsenic outgo successful their online store and respective of their branches passim Dubai. 

Cointelegraph precocious visited the store’s Al Quoz Branch to usage crypto to bargain groceries wrong the fashionable buying brand. However, contempt the advertisements of accepting crypto being displayed each implicit the store, the unit told Cointelegraph that in-store crypto purchases are unavailable and directed to usage the online store instead.

Day to Day Hypermarket advertizing that they judge cryptocurrencies.

Despite the deficiency of enactment successful 1 branch, the bully quality is that crypto users tin inactive store utilizing crypto wrong the online store. The subdivision accepts Bitcoin (BTC), Ether (ETH), Tether (USDT) and assorted different coins arsenic outgo for online orders. 

Screenshot of the checkout strategy successful Day To Day’s online store. Source: Day to Day

Cointelegraph besides reached retired to the authoritative Day To Day Hypermarket squad to get their comments but did not get a response. 

Luxury cars successful the existent satellite and successful the metaverse

Dubai appeals to galore who privation a sensation of luxury, and 1 of the astir fashionable ways to acquisition luxury is to thrust costly cars. Cointelegraph spoke with a luxury car nine based successful Dubai that recovered a mode to utilize NFTs and assorted Web3 technologies successful their business. 

Some of Elchai Group’s luxury cars. Photo by: Joanna Alhambra

A luxury task called Elchai Group is bringing luxury cars to the decentralized assemblage done NFTs. Maria Xenofontos, the main selling officer, told Cointelegraph that their NFT holders who are besides automatically members of their car nine volition beryllium capable to rent carnal exotic cars wrong their Elchai car collection. Xenofontos besides explained that: 

“Our squad is bringing a luxury car nine to the metaverse. We’re already processing The Universe Eye, a metaverse task that volition archetypal replicate the metropolis of Dubai. [...] The metaverse volition facilitate backstage events, personage concerts, and a luxury supercars showroom.”

According to Xenofontos, the task is besides bringing their luxury car nine to the metaverse and gave Cointelegraph a sneak peek astatine their metaverse task that replicated 1 of Dubai's astir fashionable attractions called the Dubai Eye.

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

When asked astir NFTs, the enforcement said that the abstraction needs much exploration astatine the moment. “NFT arsenic a signifier of ownership is thing to research more, and I americium definite we volition spot their existent usage lawsuit much successful the coming years,” she said. 

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

Flavio Elia, the CEO and laminitis of the Elchai Group, told Cointelegraph the inspiration down the project. “It’s elemental really, aft 20 years successful the luxury car trading business, I wanted prosecute my imagination to signifier a car nine a reality. It’s my emotion for car and the endless possibilities successful the metaverse that has driven maine to prosecute this project,” helium said. 

Some crypto outgo integrations conscionable don’t last

Apart from Day To Day, different businesses wrong Dubai person besides announced assorted crypto outgo integrations successful the past twelvemonth but did not find immoderate traction. On Mar. 3, the Indian edifice Bhukkad cafe announced that it started to judge BTC payments. Almost a twelvemonth later, Cointelegraph visited the store to cheque if they inactive accepted Bitcoin. However, according to the store clerks, they lone judge currency oregon card.

Related: How the UAE became the Middle East’s integer plus champion

On Feb. 16, 2022, the media outlet Time Out Dubai reported astir a caller online edifice called Doge Burger, taking inspiration from canine tokens similar Dogecoin (DOGE) and Shiba Inu (SHIB). But erstwhile Cointelegraph tried to bid 1 of the burgers, the bid did not arrive. Exactly 1 twelvemonth later, the project’s website cannot beryllium accessed anymore.

Apart from nutrient businesses, a fashionable schoolhouse successful Dubai besides dipped its toes into crypto payments but backtracked astir immediately. On Feb 9, Binance announced a concern with the Canadian University Dubai (CUD) to alteration crypto payments wrong the university. However, little than a time aft the announcement, the assemblage backtracked connected accepting crypto, citing method roadblocks.

— CUDubai (@CUDUAE) February 10, 2023

Despite immoderate projects struggling with their crypto integrations, the crypto manufacture is inactive precise overmuch live successful Dubai. In a caller Cointelegraph interview, Crypto Oasis co-founder Saqr Ereiqat said that galore talents from astir the satellite are coming into the United Arab Emirates (UAE) to work successful the crypto space. 

“We are witnessing an unprecedented migration of endowment and superior from astir the satellite into the UAE,” helium said. In addition, the enforcement pointed retired that astatine the moment, determination are much than 8,300 professionals moving successful the abstraction successful the Crypto Oasis alone.