Summary We believe Decentraland is the leading decentralized metaverse to date. It allows users to create a digital experience where they truly own their LAND, collectible items, and creations within the digital ecosystem. With the explosion in digital collectibles, Decentraland has served as a place for collectors to hang out and view digital art that is for sale. Musicians are also keen to participate in the metaverse, and performances from the likes of 3LAU are a positive signal for continued expansion of culture on Decentraland. The project is still in its infancy, but Decentraland is a peak into what the future might hold for decentralized virtual worlds. 17. Source: Coin Metrics More Grayscale research papers and investment theses are available at: www.grayscale.com/insights PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER.2021 Grayscale Investments, LLC | 14

About Grayscale Investments, LLC Grayscale Investments is the worlds largest digital currency asset manager. With a proven track record and unrivaled experience, we give investors the tools to make informed investing decisions in a burgeoning asset class. As part of Digital Currency Group, Grayscale accesses the worlds biggest network of industry intelligence to build better investment products. We have removed the barrier to entry so that institutions and individual investors can benefit from exposure to digital currencies. Now, forward-thinking investors can embrace a digital future with an institutional grade investment. 1 0 For more information on Grayscale, please visit www.grayscale.com or follow us on Twitter Grayscale. More Grayscale research papers and investment theses are available at: www.grayscale.com/insights PLEASE REVIEW IMPORTANT DISCLOSURES & OTHER INFORMATION AT THE END OF THIS PAPER.2021 Grayscale Investments, LLC | 14

Important Disclosures & Other Information Grayscale Investments, LLC. All content is original and has been researched and produced by Grayscale Investments, LLC (Grayscale) unless otherwise stated herein. No part of this content may be reproduced in any form, or referred to in any other publication, without the express consent of Grayscale.

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