How NFTs are used in the UAE

As the United Arab Emirates (UAE) continues to offer Welcome to the Regulatory Framework For blockchain-based technologies, non-fungible tokens (NFTs) continue to thrive in the region and are used by projects in a variety of ways.

From concert tickets to research and philanthropy, Cointelegraph traveled to Dubai and Abu Dhabi to explore how various crypto projects operating in the UAE are using NFTs.

NFTs help medical researchers capture data from gamers

A project at Jumeirah Village Circle in Dubai has found a way to use NFTs to obtain data and funding for researchers. At the recent AIBC Dubai conference at Festival City, Cointelegraph spoke with Dmitry Mikhailov, an artificial intelligence scientist at Farcana Labs, about how their company is integrating NFTs into research.

Mikhailov told Cointelegraph that his company’s game, called Farcana, collects data from gamers, whom he calls “donors,” in exchange for a small cut of future intellectual property. Through what they call “research NFTs” available to donors and investors, scientists are able to collect data and funding for their research projects. Mikhailov explained:

“For me, as a scientist, as a professor, this is a huge way to get funding without applying for a grant. All you have to do is publish your research, get multiple donors, contribute to the investment show it and say, look, I can find a new way to detect Alzheimer’s based on the way you move your mouse.”

According to the Farcana Labs team, some of the data collected from their players was also sent to Rashid Hospital, a government hospital in the UAE. These data are used to develop methods for diagnosing Parkinson’s disease, dementia, and attention deficit hyperactivity disorder (ADHD).

NFT Tickets Invade Abu Dhabi Rave Concert

Ultra Abu Dhabi, an electronic dance music (EDM) festival featuring popular DJs like Calvin Harris and Skrillex, experienced Web3 with NFT tickets from Fellaz and BNB Chain. The event is held on Yas Island, home to attractions such as Ferrari World and the Yas Marina Circuit, which has hosted the Formula 1 Abu Dhabi Grand Prix since 2009.

Cointelegraph visited the festival on March 5 to see how NFT tickets would work, and whether there were any differences between using traditional tickets and those powered by blockchain technology. Apart from a few extra steps like downloading a specific wallet, using NFT tickets is very similar to using regular tickets. However, while the difference may not be directly visible, there are benefits behind the scenes.

According to Alvin Kan, director of growth at BNB Chain, one of the many advantages of NFT tickets compared to traditional ticketing systems is how it combats the problem of NFT fraud. He explained:

“NFTs provide a reliable and secure way to verify the authenticity of tickets, guaranteeing that only those with legitimate tickets can enter.”

Additionally, Kan told Cointelegraph that NFT tickets have other benefits, such as the flexibility to transfer tickets to friends or resell tickets without paying fees to resellers. For event organizers, Kan noted that they will have an on-chain record of ownership, allowing them to engage more with audiences even after the event. “For example, airdropping music-related NFTs to past Ultra attendees, or giving Ultra ticket holders early access to future Ultra events,” he said.

The executive also mentioned that they also plan to integrate NFT tickets into more events in the UAE and globally.

related: From Groceries to Luxury Cars: The State of Crypto Adoption in Dubai

NFT Rewards Play a Role in Charity

Giving back and doing charitable work is deeply rooted in Emirati culture.The country’s leaders have spearheaded various initiatives, with the government clue Social, charitable and humanitarian work in and outside the UAE. At the AIBC Dubai conference, Cointelegraph also spoke about a project focused on philanthropy and learned how NFTs play an important role in its ecosystem.

Tatum April, chief marketing officer of the nonprofit Philcoin, told Cointelegraph how their project works to provide charitable relief to people around the world. April explained that using Web3 technologies, their team is providing a platform where users can “earn and give back”. The platform offers NFT rewards, and in order to earn rewards, people need to give back to causes they are passionate about. She added:

“Charities and nonprofits have always been a very covert process. So, a lot of times, your donations to charities are not easily tracked and traced.”

According to April, this is where blockchain technology comes into play. “Blockchain is obviously known for its transparency and efficiency. So bring philanthropy into it. We see it as a bridge between philanthropy and technology,” she added.