Multicoin Capital predicts a key inflection point for Web3 in 2025, driven by artificial intelligence and tokenization, which will lead to strong institutional adoption. The report expects the emergence of AI-powered companies without employees and rapid institutional adoption of security tokens. AI agents, so-called "alpha hunters", will play a key role in navigating the new tokens and financial products. Increasing institutional participation will be boosted by the success of Bitcoin ETFs and a pro-crypto government in the US. Finally, the development of autonomous AI agents will fundamentally change the digital economy.