Toast coconut. Add shredded coconut to a skillet over medium heat. Toast for 3 to 5 minutes, mixing frequently, until golden brown.
Prepare 2 cocktail glasses with a toasted coconut rim. Add toasted coconut and agave to 2 shallow dishes. Coat the rim of each glass with agave, then dip in toasted coconut until coated.
Add tequila, dragon fruit, coconut cream, lime juice and agave to a blender and blend until smooth.
Fill prepared glasses with ice. Divide the blended cocktail mixture into the glasses. If desired, garnish with dragon fruit and lime slices.