Nodes from Underground Crypto Expo Dubai 2022
A taking of the cultural pulse of the crypto community from artists to comedians to meet ups and beyond
A taking of the cultural pulse of the crypto community from artists to comedians to meet ups and beyond.
The registration form to the crypto yacht party included a playful disclaimer: "You agree that what happens in Dubai stays in Dubai."
A few hours into Dubai's Crypto Expo 2022, some were already competing for the party’s limited seats organized by the British publication Crypto Weekly. The crowd included a diverse mix of seasoned investors, newcomers, brokers, marketers, programmers, artists, and at least one nuclear physicist.
Shuttles carried the lucky few from Festival City to the bustling marina, where a 3-story yacht awaited. The barman on the middle floor was unpacking plastic cups and Jack Daniels bottles, while the captain was getting ready to disembark into the Arabian Gulf.
Partying, exclusivity, and crypto are a familiar mix in this blockchain-friendly city. The business is flourishing for local non-fungible token, or NFT, communities that promise their members access to the high-end fiestas, among other perks. This is good news for programmers like Ijaz Khan, a Pakistan-based freelancer enjoying an influx of demand.
One attendee wore a T-shirt with the motto “Fuck Taxes” in big bold letters on its back
"I may consider settling here one day," he told me. He recently closed a deal to establish an NFT marketplace for a Dubai influencer and is very bullish about the coming years. "In the future, everything will be an NFT, from real estate to cinema and flight tickets," he prophesied. And if this happens, when it happens, he believes it will be in Dubai first.
NFT artists and metaverse launchpads dominated the expo, with many collections, meme coins, and competing tokens. Some businesses were already up and running, generating revenue from music NFTs. Others pitched dubious projects with “passive income” opportunities. Many were just "shitcoin generators," as described by at least one partygoer.
"This is why we need education," said Manuel Blanco. The Spanish entrepreneur set up shop here for his educational platform Mundo Crypto, taking advantage of Dubai's forgiving tax laws and relaxed legal environment.
His company offers workshops that explain crypto, trading, and investment for Spanish speakers, with plans to expand into other languages. "As the market grows, so will the demand for resources that help beginners navigate their way."
Blanco is highly bullish about the future of crypto, specifically in Dubai, where the government is embracing blockchain technology with open arms. But the proliferation of crypto scams is a concern for everyone in the space.
Ryan Das, who worked in the past for NASA’s Jet Propulsion Laboratory, has shifted his career with a mission to counter this issue. "I want to save India's youth capital."
India has the highest number of crypto owners in the world. Das believes this makes it a prime target for swindlers. He’s concerned many young Indians will lose their life savings as the market grows. His solution is to build CAVE, a regulated crypto exchange with proper auditing.
"The decentralization and independent aspects of the technology attracts many newcomers," he said, "but I don't believe that there will be a wide adoption of crypto without cooperation with governments."
Many don’t agree with Das's vision. One attendee wore a T-shirt with the motto “Fuck Taxes” in big bold letters on its back. They were attracted to Dubai's laissez-faire attitude.
But as the night came down, and the party started, all differences were set aside.
Ahmed Ateyya is an award-winning Egyptian journalist and documentary filmmaker based in Dubai