While the United Arab Emirates (UAE) continues to provide a favorable regulatory framework for blockchain-based technology, nonfungible tokens (NFT) continue to flourish in the region and are used by projects in a variety of ways.
From concert tickets to research and philanthropy, Cointelegraph went to Dubai and Abu Dhabi to explore how various crypto projects operate in the UAE using NFTs.
NFT helps medical researchers get data from gamers
A project operating in Jumeirah Village Circle in Dubai found a way to use NFTs to obtain data and funding for researchers. At the recent AIBC Dubai conference held at Festival City, Cointelegraph spoke with Farcana Labs artificial intelligence scientist Dmitry Mikhailov to learn how the company is integrating NFTs into its research.
Mikhailov told Cointelegraph that the company’s game called Farcana collects data from players it describes as “donors” in exchange for a fraction of future intellectual property rights. Through so-called “research NFTs” given to donors and investors, scientists can collect data and funding for research projects. Mikhailov explained:
“For me, as a scientist, as a professor, it’s a great way to get funding without applying for funding. You just have to publish your research, get a lot of donors, show it to investors, and say, look, I can find a new way to detect Alzheimer’s disease based on the way you move your mouse.
According to the Farcana Labs team, some of the data collected from the players was also sent to Rashid Hospital, a government hospital in the UAE. The data is used to study ways to diagnose Parkinson’s disease, dementia and attention deficit hyperactivity disorder (ADHD).
NFT tickets hit a rave concert in Abu Dhabi
Ultra Abu Dhabi, an electronic dance music (EDM) festival with popular DJs like Calvin Harris and Skrillex, has a Web3 flavor through NFT tickets provided by 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 Abu Dhabi Formula One Grand Prix since 2009.
Cointelegraph visited the festival on March 5 to see how NFT tickets work and if there is a difference between using traditional tickets and those supported by blockchain technology. Apart from some extra steps like downloading a specific wallet, using an NFT ticket is almost the same as using a normal ticket. However, while the differences may not be immediately apparent, the benefits are behind the scenes.
According to Alvin Kan, director of growth at BNB Chain, one of the many advantages of NFT tickets over traditional ticketing systems is how they can combat the problem of NFT fraud. He explained that:
“NFTs offer a reliable and secure way to verify the authenticity of tickets, guaranteeing entry access exclusively for valid ticket holders.”
In addition, Kan also told Cointelegraph that there are other benefits to NFT tickets like the flexibility of being able to transfer tickets to friends or resell tickets without paying fees to retailers. For event organizers, Kan noted that they will have ownership records on the chain, so they can engage with more audiences even after the event. “For example, airdropping music related NFTs for past Ultra attendees, or giving Ultra ticket holders early access to future Ultra events,” he said.
The executive also stated that they also plan to integrate NFT tickets into other events in the UAE and globally.
related: Groceries for luxury cars: The state of crypto adoption in Dubai
NFT rewards play a role in philanthropy
Giving back and doing charity work is embedded in UAE culture. Heads of state lead various initiatives and the government leads social, charitable and humanitarian work inside and outside the UAE. At the AIBC Dubai conference, Cointelegraph also spoke to projects focused on philanthropy and found out how NFTs play an important role in the ecosystem.
Tatum April, the chief marketing officer of the non-profit company Philcoin, told Cointelegraph about how the project is committed to providing charitable help to people around the world. April explained that using Web3 technology, the team provides a platform where users can “earn and give back.” The platform offers NFT rewards, and to claim the rewards, people must give back to a cause of their choice. He added:
“Charities and non-profits are always a disguised process. So, many times the donations you make to charitable organizations are not easy to track and trace.
According to April, this is where blockchain technology comes in. “Blockchain is obviously known for its transparency and efficiency. So it brings philanthropy into it. We see this as a bridge between philanthropy and technology,” he added.