How NFTs are used in the UAE

As the United Arab Emirates (UAE) continues to provide a welcome regulatory framework for blockchain-based technology, non-fungible tokens (NFTs) continue to thrive in the region, with various used by the project in various ways.

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

NFTs help medical researchers get data from gamers

A project run by Jumeirah Village Circle in Dubai has found a way to use NFTs to capture data and fund researchers. At his recent AIBC Dubai conference at Festival City, Cointelegraph spoke with Dmitry Mikhailov, an artificial intelligence scientist at Farcana Labs, to discuss how their company is integrating NFTs into its research. I learned how to do it.

Ezra Regera of Cointelegraph and Dmitry Mikhailov of Farukana Labs at AIBC Dubai Conference

Mikhailov told Cointelegraph that their company’s games, called Farkana, collect data from gamers, who they describe as “donors,” in exchange for a portion of future intellectual property rights. Through what are called “research NFTs” given to donors and investors, scientists can collect data and funds for research projects. Mikhailov explained:

“For me, as a scientist, as a professor, it’s a great way to get funding without applying for a grant. Just show it to investors and say they can find a new way to detect Alzheimer’s disease based on your mouse movements.

According to the Farcana Labs team, some of the data accumulated from players is also sent to Rashid Hospital, a government hospital in the UAE. This data will be used to research diagnostic methods for 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 such as Calvin Harris and Skrillex, experienced Web3 through NFT tickets provided by Fellaz and BNB Chain. The event was held on Yas Island, home to many attractions such as Ferrari World and Yas His Marina Circuit, where he has hosted the Formula 1 Abu Dhabi Grand Prix since 2009.

The crowd at the Ultra Abu Dhabi event on March 5th.

Cointelegraph visited the festival on March 5th to see how NFT tickets work and if there are any differences between using traditional tickets and tickets backed by blockchain technology. Aside from a few additional steps such as downloading a specific wallet, using NFT tickets is very similar to using regular tickets. However, while the difference may not be directly visible, the benefits exist behind the scenes.

According to Alvin Kan, growth director of the BNB chain, one of the many advantages of NFT tickets over traditional ticketing systems is how the problem of NFT fraud can be addressed. bottom.

“NFTs provide a reliable and secure means of verifying the authenticity of tickets, ensuring entry access only to valid ticket holders.”

In addition, Kang told Cointelegraph that NFT tickets have other advantages, such as the flexibility to transfer tickets to friends or resell tickets without paying resellers a fee. For event organizers, Kan said they have an on-chain record of ownership, allowing them to engage more deeply with their audience after the event. “For example, airdropping his music-related NFTs to past Ultra attendees, or giving Ultra ticket holders early access to his Ultra events in the future,” he said. rice field.

Exclusive line for NFT ticket holders at the Ultra Abu Dhabi event

Executives also said they plan to integrate NFT tickets into more events within the UAE and around the world.

Related: From groceries to luxury cars: crypto adoption in Dubai

NFT rewards play a role in philanthropy

Giving back and philanthropy are ingrained in UAE culture.National leaders spearhead various initiatives and governments lead Any social, charitable or humanitarian activity inside or outside the United Arab Emirates. At the AIBC Dubai conference, Cointelegraph also spoke about philanthropic-focused projects, discovering that NFTs play an important role in its ecosystem.

Philcoin CMO Tatum April and Cointelegraph’s Ezra Reguerra Attend AIBC Dubai Conference

Tatum April, chief marketing officer of the nonprofit Philcoin, told Cointelegraph how their project is committed to providing charitable relief to people around the world. April explained that they use Web3 technology to provide a platform where users can “earn and give back.” This platform offers her NFT rewards. To receive rewards, people must give back to the causes they are passionate about. she added:

“Charities and non-profits have always been a very disguised process, which is why charitable donations are often not easy to track or trace.”

According to April, this is where blockchain technology comes into play. “Blockchain is obviously known for its transparency and efficiency. So we bring philanthropy to it.