Dubai to Abu Dhabi: 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 being 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.
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 held at Festival City, Cointelegraph Spoke with Farcana Labs' artificial intelligence scientist Dmitry Mikhailov to learn how their company has integrated NFTs in research.
Mikhailov told Cointelegraph that their firm's game called Farcana collects data from gamers which he describes as "donors" in exchange for a fraction of future intellectual property rights. Through what they call “research NFTs” which are given to donors and investors, scientists are able to gather data and funding for their research projects. Mikhailov explained:
According to the Farcana Labs team, some of the data that were accumulated from their players are also being sent to Rashid Hospital, a government hospital in the UAE. The data is used to study methods for diagnosing Parkinson's disease, dementia and attention deficit hyperactivity disorder (ADHD).
Ultra Abu Dhabi, an electronic dance music (EDM) festival with popular DJs like Calvin Harris and Skrillex performing, 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 the Ferrari World and the Yas Marina Circuit which hosted the Formula One
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