CAR BARAn electric car rental platform using non-fungible tokens (NFTs) has been launched.
CAR BAR launches in Dubai
In a press release, CAR BAR, a Yard Hub platform, a Web3 venture studio, will integrate NFTs and enable people in Dubai to rent luxury electric cars. One notable difference between CAR BARs and traditional car rental services in the UAE is that their daily rates will be 30-40% cheaper. Furthermore, the solution will allow fleet owners to tokenize and track their cars in real time.
The launch of CAR BAR gives users premium access to rental services that were previously unavailable. According to Yaroslav Shakula, CEO of Yard Hub, their platform shows a novel use case for NFTs.
“We are excited about the launch of CAR BAR, which gives users in Dubai access to premium car rentals and discounted offers through innovative web3 solutions. By tokenizing car rentals, CAR BAR is an example of a novel use case for NFTs. It caters to a greater mass adoption of web3 technologies”.
Using NFTs to change the landscape of car sharing and preserve the environment
CAR BAR will launch this pilot and launch the first NFT collection on Polygon.
These NFTs will be valid for three months and can be purchased with USDT, a stablecoin. However, a user must be over the age of 23 and have a UAE or international driving license to purchase them.
From March 6 to May 31, CAR BAR NFT holders will initially be able to rent a selection of three varieties of Tesla from one of their rental partners in Dubai.
There will be three types of NFTs. Depending on the NFT a user purchases, a Tesla Model 3 Standard, Tesla Model 3 Performance, or Tesla Model Y can be rented.
Before booking them, the user must reserve them three days in advance and present the relevant documents, including their driving licences. All rented vehicles will be fully insured.
Since CAR BAR NFTs provide novel utility, holders will also have the freedom to sell their rights to third parties, at a profit, on marketplaces that support Polygon-based NFTs.
With increasing calls to preserve the environment, car ownership in big cities like Dubai is unsustainable.
For this reason, carsharing services are growing rapidly, providing a “here and now” option for people who want to travel comfortably while conserving the environment.
The use of diesel-powered car engines contributes to climate change.
By partnering with car rental companies and creating a platform where people can rent electric cars on demand, CAR BAR makes a positive contribution to curbing climate change.
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