The World’s First NFT Shop Opens in Dubai

Just when some people have thought that NFTs are not that interesting anymore, it looks like some are still betting big on the technology. Anything can be an NFT, since an NFT is actually just a virtual or physical asset that has its rightful owner forever embedded on the blockchain. Yet, you probably think about digital goods and online shopping when you hear about NFTs. All the hype so far was tied to virtual images of rocks and monkeys selling for millions of dollars, then the lucky owners later reselling them for even more millions of dollars on online marketplaces. In the year 2021, every big player was rushing to create their own online NFT marketplace. However, it seems that the world has changed since and now the world’s first real-world NFT store has opened in Dubai.

What happened?

The United Arab Emirates, and especially Dubai, has been welcoming basically all kinds of businesses in the past 5 years, in an effort to diversify its economy and create revenue from something else than selling hydrocarbons alone. As such, it has become the biggest hub in crypto technology in the Middle East and North Africa, and some may argue, even in Central Asia. 

Fastex, the company behind the shop says that their new store in the Dubai Mall, which is the biggest shopping mall around the globe, will make buying NFTs a very real, tangible, social experience, instead of just pressing buttons on the Internet. In the shop, which is more like an entertainment complex, customers can enjoy a free tour of the shop’s most interesting items. They are able to take home some of the NFTs that do exist in the physical world as well. If you are visiting and getting bored, you can also take a break at the DJ booth, located inside the shop, or print your own customized avatar using a 3D printer, also available inside the shop.

Fastex is a firm that already has an established Web3 ecosystem. The company’s portfolio includes developing crypto and digital payment solutions, online marketplaces and DeFi services. Fastex also has its own crypto-exchange, and a native token under the ticker FTN. The price of FTN has risen more than 50% since its launch earlier this year, and now stands around $0,65, with a market cap of roughly $315 million. Other popular services by Fastex include Fastex Chain and Fastex Pay. On its website, the company claims to have more than 500 partners worldwide.

Phydigital phenomenon

Combining new digital technologies with traditional physical methods of purchase and interaction has given birth to a new term called “phydigital”. Phydigital is yet another loosely defined term that refers to anything that results from the combination of digital goods with the physical world. While some hail it as a revolutionary new trend, others point out that phydigital solutions have been all around us for at least 30-40 years, since going into a store to buy a video game or a software is actually also a phydigital experience. 

Despite this, of course, there could be a lot of potential in bringing products that are viewed to only exist in the digital world, such as NFTs or perhaps also cryptocurrencies, to the physical world. Online shopping lacks any pleasant feedback, as users are only pressing buttons, while in a physical store, the simple act of buying an NFT can be made into a complete experience that can last for several hours, including a tour of the shop and additional entertainment possibilities.

Conclusion 

If there is a perfect place to try and find enough customers that are willing to buy into this experience, Dubai is for sure one of them. An NFT store fits perfectly inside Dubai Mall, a luxurious and extravagant shopping center, where most shops focus on entertainment and customer experience, rather than just reselling products. 

Finding a wider audience for something like this is questionable at best though, since even strong supporters of the crypto and NFT technologies might view these as either investments or tools to be used, and do not have the need for any kind of such experience. Furthermore, an NFT store would not necessarily fit well in a more economically sound and down to earth city. 

Will the amount of such shops grow? Time will tell, and SimpleSwap will keep an eye on the situation! If you are willing to know more about crypto regulation in UAE, make sure to read this post.