How NFTs are used in the UAE

As the United Arab Emirates (UAE) continues to provide a welcoming regulatory framework for blockchain-based technologies, nonfungible tokens (NFTs) continue to prosper within the region and are used by projects in various ways. 

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

NFTs help medical researchers get data from gamers

A project that operates at the Jumeirah Village Circle in Dubai found a way to use NFTs to get data and funding for researchers. At the recent AIBC Dubai conference at Festival City, Cointelegraph Spoke with Farcana Labs’ artificial intelligence scientist Dmitry Mikhailov to learn how the company has integrated NFTs into its research.

Cointelegraph’s Ezra Reguerra with Farcana Labs’ Dmitry Mikhailov at the AIBC Dubai conference

Mikhailov told Cointelegraph that Farcana collects data from gamers, which he describes as “donors,” in exchange for a fraction of future intellectual property rights. Scientists can gather data and funding for their research projects through what they call “research NFTs,” which are given to donors and investors. Mikhailov explained: 

“For me, as a scientist, as a professor, it’s a huge way to get funds without applying to grants. All you have to do is just publish your research, get multiple donors, show it to investors, and say, look, I can find a new way to detect Alzheimer’s disease based on how you move your mouse.”

NFT tickets invade a rave concert in Abu Dhabi

Ultra Abu Dhabi, an electronic dance music festival featuring popular DJs like Calvin Harris and Skrillex, had a taste of Web3 through NFT tickets provided by Fellaz and BNB Chain. The event was held at Yas Island, the home of many attractions like Ferrari World and the Yas Marina Circuit, which has hosted the Formula One Abu Dhabi Grand Prix since 2009. 

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

Cointelegraph visited the festival on March 5 to see how…


Read More

Recommended For You

Leave a Reply

Your email address will not be published.