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.
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