Industry Insights
What We Saw (and Heard) at TOKEN2049 Dubai
/ Events & Webinars
Published May 7, 2025
Written by Protocol Theory
◻️ TOKEN2049 Dubai was full of energy, but beneath the spectacle were deeper signals about where Web3 is headed next. This recap breaks down the six most important trends—grounded in real-world examples and backed by fresh consumer data.
TOKEN2049 brought together more than 15,000 builders, investors, and innovators from across the Web3 ecosystem. From satellite-launched blockchains to real-world AI bots, the creativity was unmistakable. But so were the patterns. Beneath the noise, a few signals stood out.
Here’s what we observed, what we heard in conversation, and what the data says to pay attention to next.
Tokenized real-world assets are gaining serious ground
Tokenization is no longer a theoretical promise. Real-world assets—from treasuries and real estate to music royalties and private credit—are increasingly moving on-chain. At TOKEN2049, tokenisation of RWAs was positioned as one of crypto's most viable bridges to institutional capital and mainstream utility.
Example: Dubai’s real estate tokenization pilot is already live. Meanwhile, Centrifuge, Ondo Finance, and Backed are all advancing tokenized debt and yield products that are attracting both retail and institutional interest.
What the data says:
Protocol Theory research reveals that 44% of U.S. crypto users would consider investing in real-world assets if they could do so directly through blockchain, without needing a traditional bank or broker. Among non-users, the figure drops to 28%.
Why it matters:
Crypto users already buy into the promise of disintermediation. The opportunity now is to make tokenization feel less like an experiment and more like a better, simpler way to invest.
AI and crypto are beginning to merge
AI was everywhere. But what stood out were the ways it’s being applied to enhance user interaction, decision-making, and infrastructure across the crypto stack.
Example: FLOKI demoed a physical DePIN robot that rewards real-world interactions with tokens. Panels also explored decentralized AI platforms like Fetch.ai and SingularityNET, while Binance discussed the rise of autonomous agents as a core UX layer.
What the data says:
Protocol Theory research shows that 79% of crypto users rated AI-generated insights tailored to their financial goals as very or extremely appealing. Among non-users evaluating a similar feature in finance apps, only 67% said the same.
Why it matters:
The appetite for AI is real, especially among crypto users. The next wave of tools won’t just execute transactions. They’ll learn, adapt, and guide. Builders who embrace this shift early will create experiences that feel both intelligent and indispensable.
L2s are scaling, and ZK is finally practical
Scalability is still important. But at TOKEN2049, the spotlight shifted to privacy, composability, and infrastructure that protects users without slowing them down. Zero-knowledge tech stood out as one of the most mature and commercially viable solutions to emerge in recent years.
Example: zkSync, Zircuit, and others announced new milestones in ZK rollups, including enhanced MEV protection, improved throughput, and lower latency for cross-chain interactions.
What the data says:
A full 95% of crypto users consider privacy and protection of personal data very or extremely important when choosing a crypto app. That number is nearly identical for non-users evaluating finance apps, at 96%.
Why it matters:
Privacy is no longer niche. It is a baseline expectation. ZK tech is finally catching up to that expectation and is poised to become the new standard for user trust, especially as products grow more complex.
NFTs and digital collectibles are shifting from hype to identity
At TOKEN2049, NFTs were less about speculation and more about meaning. What people buy and wear digitally is increasingly tied to how they see themselves—and how they want to be seen.
Example: Puffverse showcased NFT gameplay and avatar personalization. Other projects focused on collectibles that unlock community access, social identity, and creative expression across fandoms and digital fashion.
What the data says:
In a recent study consisting of over n=3,000 U.S. crypto users, purchase intent for branded digital collectibles was highest among fans of anime (41%), esports (40%), fashion (37%), and sports (36%). NFT ownership is also well above average within these groups.
Why it matters:
Digital collectibles are becoming tools for participation, not just assets to trade. They help users express their values, affiliations, and interests—especially in spaces where identity is fluid and visual. Builders should design with that in mind.
DAOs are entering a more mature phase
Decentralized governance is evolving. DAO 1.0 brought a rush of experimentation. Now, projects are taking a more thoughtful approach to structure, incentives, and participation—without abandoning the core ethos of community control.
Example: DAO-focused sessions explored new treasury models, legal frameworks, and voting mechanisms aimed at improving decision-making and accountability.
What the data says:
More than nine in ten (92%) crypto users say they are more likely to support a platform that gives them voting rights on key decisions. Among non-users, 80% said the same when asked about DAO-like governance in digital platforms or brands.
Why it matters:
Governance is no longer just about inclusion. It is about influence. Crypto-native users have high expectations, and passive participation will no longer be enough. The brands that offer meaningful ways to shape outcomes will build deeper loyalty.
Final Word
Across the conversations, launches, and panels at TOKEN2049, one theme kept resurfacing: the ideas gaining traction weren’t just technically impressive. They were grounded in relevance. In real user needs. In clearer ways to participate, invest, and belong.
It’s a reminder that in Web3, product alone is not enough. The edge comes from understanding—knowing who you're building for, what they care about, and how those expectations are changing.
At Protocol Theory, that’s our focus. We help teams make sense of shifting behaviors and build with clarity, not guesswork. If you’re ready to move from insight to advantage, let’s talk.
Methodological Note: Findings are based on multiple surveys conducted by Protocol Theory in 2025, including nationally weighted data from crypto users and non-users, and a separate study of 1,600+ verified crypto users. All respondents were sourced through ProtocolPanel, our human-verified research community.
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