DMCC Publishes Special Report on Web3 Trends and Opportunities

DMCC – the emblematic free zone of the world and Dubai Government Authority on commodity trading and business – today published a special edition of its The future of commerce Thought leadership report focused on Web3, examining key drivers of digital growth, innovation and decentralization across a range of technology trends.

The report “Digital Decentralization: Cryptocurrencies, DeFi, and the Metaverse” examines Web3 trends, including cryptocurrencies, DeFi, and the metaverse, and predicts a ripe period with growth opportunities. It anticipates the metaverse market to reach $3.4 trillion by 2027, driven by advances in AI. The DeFi market is projected to grow from $13.6 billion in 2022 to $600 billion in 2032 due to demand for fast and hassle-free financial services. The cryptocurrency market is stabilizing after turbulence, highlighted by Bitcoin’s resurgence in 2023, indicating renewed interest from the industry and institutions. Regulatory pathways will greatly influence growth, with countries like the United Arab Emirates encouraging innovation through accommodative regulations.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasizes the potential growth of Web3 technologies highlighted in its Future of Trade report. With the global metaverse market expected to surpass $3.4 trillion by 2027, advances in AR/VR technology offer diverse opportunities beyond gaming and e-commerce. Sulayem highlights the favorable regulatory environment of Dubai and the UAE, which balances innovation with consumer protection and positions the DMCC to help Web3 companies seize opportunities.

Belal Jassoma, director of ecosystems at DMCC, underlines Dubai’s role as a leading hub for Web3 companies, citing the DMCC Crypto Centre’s supporting ecosystem with over 600 members and dedicated services. He believes the insights from his report will increase confidence among both existing members and newcomers.

The Future of Commerce report outlined several important recommendations from industry and regulators to help drive the evolution of Web3 and shape the next phase of its growth:

• Use principles-based regulation: By recognizing the innate potential of crypto and metaverse technologies, and prioritizing advisory regulation, governments can create a principles-based regulatory framework that protects consumers and supports innovation.
• Increase public and private participation: All stakeholders should be involved regularly and meaningfully to ensure that market developments and issues are addressed quickly and effectively, and to improve public awareness and education about risks.
• Promote Web3 innovation through industry clusters: Companies and startups in the Web3 space can foster innovation through dedicated sector ecosystems such as the DMCC Crypto Center, which enable knowledge sharing, education, access to capital and to talent, and opportunities to take advantage of global businesses. networks.
• Prioritize education and hiring as key to Web3 growth: To leverage Web3 technologies and maximize their benefits, industries must prioritize education, nurturing new technology talent, providing internal training and financial resources.
• Provide sustained, long-term investment: Companies that invest and understand how markets operate will be better able to reap the financial benefits of these technologies in the future.
• Develop Web3 adoption and scalability plans now: Companies should begin immediate preparations for Web3 adoption through investment, training, and board-level strategies. Any delay places a company at considerable risk of suffering a competitive disadvantage.

The DMCC Crypto Center is a comprehensive ecosystem for companies developing Web3 and blockchain technologies, and associated value-added services, providing everything crypto companies and entrepreneurs need to establish and scale their operations. Having grown to over 600 members and counting several industry leaders as ecosystem partners, including Bybit, Solana and TDeFi, the DMCC Crypto Center today plays an important role in supporting startup growth and reinforcing status. of Dubai as one of the main ones. global centers for Web3 innovation.

News source: Dubai Press Office