Dubai Shows How to do Crypto Adoption Right
If you want a look at how government can support the crypto industry, and what crypto use and adoption could look like in a few years in other markets, you should look at the city of Dubai.
The welcoming business environment is drawing Web3 and crypto talent and capital, while other businesses are broadly integrating crypto and blockchain technologies into their operations. Cointelegraph visited Dubai and explains how crypto and Web3 technologies are transforming business and retail in the emirate.
Ordering groceries with cryptocurrencies
Day to Day, one of Dubai’s most popular and affordable grocery chains, announced that it started accepting crypto payments last year. On Aug. 8, the local media outlet, Khaleej Times, reported that the hypermarket has started to accept crypto payments in their online store and several branches throughout Dubai.
Cointelegraph recently visited the Al Quoz branch and tried to use crypto to buy groceries. However, despite the advertisements of accepting crypto displayed all over the store, the staff said in-store crypto purchases are unavailable and directed Cointelegraph to use the online store instead.
Despite the lack of support in one branch, the good news is that crypto users can still shop using crypto on the online store. The branch accepts Bitcoin, Ether, Tether and various other coins as payment for online orders.
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 with a luxury car club based in Dubai that found a way to utilize 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, Elchai Group’s chief marketing officer, told Cointelegraph that NFT holders who are also automatically members of their car club would be able to rent physical exotic cars from Elchai’s car collection. Xenofontos also explained that:
“Our team is bringing a luxury car club to the metaverse. We’re 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 supercars showroom.”
According to Xenofontos, the project is also bringing their luxury car club to the metaverse and gave Cointelegraph a sneak peek at their metaverse project that replicated one of Dubai’s most popular attractions, the Dubai Eye.