Web3 And Beyond
By Tek Yew Chia and Ofir Gefen
 // . //  Insights //  Web3 And Beyond

Insights from the Singapore Blockchain Week 2022, organized by Blockchain Association Singapore. Oliver Wyman was the knowledge partner for the event.

Singapore Blockchain Week 2022 (SGBCW) was held on July 26 and 27 amid global economic uncertainty. The inaugural in person summit brought together panelists, moderators, and keynote speakers representing the lively Asian and international blockchain and cryptocurrency ecosystem to opine on market trends, upcoming challenges, and the industry’s vision for years to come. This year’s theme was "Web3 and beyond”.

The atmosphere during SGBCW was upbeat and optimistic, despite various recent, negative events, such as the global market shrinkages of stablecoins, the capitulation of Terra Luna, a 30% decrease in the decentralized finance (DeFi) market, and the 56% year-to-date decline in the global digital asset market from US$2.5 trillion to US$1.1 trillion. While some practitioners expressed a more prudent outlook, suggesting an imminent ‘crypto winter’, the overall attitude was positive, with most speakers predicting a quick rebound rally for the market.

The industry-relevant discussions that followed could best be categorized into the four core topics of Infrastructure, Utility, ASEAN-related Considerations, and Regulation.

In this report, we share our insights from the discussions and our key takeaways from the top 10 sessions during SGBCW.