1、DIGITAL DECENTRALISATION:CRYPTO,DEFI AND THE METAVERSE 23TABLE OF CONTENTSExecutive Summary 4Main findings 6Introduction:The Web3 dawn 8Market Outlook Metaverse 10 Market Outlook Crypto 17 Market Outlook DeFi 21 Designing the decentralised 24 digital economy:The road ahead The AI factor 24 Metaverse

2、-only virtual reality?26 Future innovation 30 Regulatory experimentation 33 Conclusion&Recommendations 46 Industry recommendations 48 5Over the last five years,several interlocking technology trends have facilitated the so-called web3 era.Blockchain,cryptocurrencies,the metaverse and new forms of di

3、gital value,such as non-fungible tokens(NFTs),have emerged to offer new modes of engagement,experience,transactions and autonomy in the digital space.This new chapter in the world wide web promises to be decentralised and open to all,with implications for brands,financial institutions,consumers,and

4、regulators.The last year has been punishing for each of these segments,from the collapse of cryptocurrency markets to limited adoption of the metaverse.However,there are signs that a more mature and seasoned industry is forming with road-tested use cases,and founders and companies committed for the

5、long-term.This Future of Trade special edition report by DMCC(Dubai Multi Commodities Centre)assesses the dynamics driving growth and innovation in digital decentralisation.4EXECUTIVE SUMMARY67The decentralised finance(DeFi)market size is projected to grow from US$13.6 billion in 2022 to US$600 bill

6、ion by 2032,driven by demand for fast,feeless financial services and use cases like lending,prediction markets,stablecoins,the metaverse,and insurance.Benefits like security and investment choices entice users,but vulnerabilities and complexity also risk losing funds irretrievably.After the crypto w