CAR BAR launches in Dubai, integrates NFTs for users to rent luxury electric cars

CAR BAR, an electric car rental platform using non-fungible tokens (NFTs), has been launched.

CAR BAR launches in Dubai

In a press release, CAR BAR, a platform by Yard Hub, a Web3 venture studio, will integrate NFTs and allow people in Dubai to rent luxury electric cars. A notable difference between CAR BAR’s and traditional car rental services in the UAE is that their daily rates will be between 30 and 40% cheaper. Moreover, the solution will empower fleet owners to tokenize and track their cars in real-time.

The launch of CAR BAR gives users premium access to rental services that weren’t available before. According to Yaroslav Shakula, the CEO of Yard Hub, their platform showcases a novel use case of NFTs.

“We’re excited to launch CAR BAR, giving users in Dubai access to premium car rentals and cut-price deals through the innovative web3 solutions. By tokenizing car rentals, CAR BAR is an example of a novel use case for NFTs. It caters to further mass adoption of web3 technologies.”

Using NFTs to change the car-sharing landscape and preserve the environment

CAR BAR will launch this pilot and release the first $NFT collection on Polygon.

These NFTs will be valid for three months and can be bought using USDT, a stablecoin. However, a user must be over 23 years old and hold a UAE or an international driving license to purchase them.

From Mar. 6 to May 31, CAR BAR $NFT holders will be free to rent, at first, a choice of three Tesla varieties from one of their rental partners in Dubai.

There will be three $NFT types. Depending on the $NFT a user purchases, one can rent Tesla Model 3 Standard, Tesla Model 3 Performance, or Tesla Model Y.

Before booking them, a user must reserve them three days prior and submit relevant documents, including their driving licenses. All vehicles rented will be fully insured.

Since CAR BAR NFTs provide a novel utility, holders will also be free to sell their rights to third parties, raking profits, in 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, car-sharing services are rapidly growing since they provide 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 contributes positively to slowing down climate change.