The second day of the Web Summit began with discussions about NFT and the future of the metaverse, with keynote discussions around Web3 lined up throughout the day.

Welcome to the second day of the Web Summit, one of the world’s largest technology conferences, which had more than 71,000 participants on the second day. The summit will take place two years later live and in person in Lisbon, Portugal. The summit is known for bringing together some of the most prolific personalities in the tech world, and 2022 is no different.

Web3 has quickly become the most talked about topic in the tech world and the Web Summit is no different as big tech giants like Apple or Microsoft continue to explore ways to integrate and develop over the Web3 ecosystem.

After an eventful first day, we saw several key Web3-related announcements, including the Web3 Domain Alliance, which aims to prevent malicious phishing attacks, bad actors, and Web3 domain conflicts. Binance CEO Changpeng Zhao talked about the importance of building during bear markets.

CoIntelegraph editor-in-chief Cristina Lucrecia Corner sat down with crypto executives to discuss the rise of Web3 technology hubs around the world. See everything that happened on Day 1 via our live article, brought to you directly by our field team.

The Cointelegraph team is back on the ground to bring you some of the latest and exclusive information from the event.

Disclaimer: Don’t forget to check this article regularly to get the latest event announcements. All timestamps are in the UTC time zone and the updates are in reverse order (the latest updates are placed at the top).

20:00: Wrap up our second day at the Web Summit with the Cointelegraph team dinner after an exciting day hosted by Gareth Jenkinson with two panels with Sandbox, WAX and many more tech and fast personalities growing startups. Our team will take to the field tomorrow for the last day in Lisbon. Stay connected!

Cryptocurrency, Hacker, Hacker
Cointelegraph team dinner in Lisbon after the Web Summit panel
15:30: In the second panel of the day, Cointelegraph reporter Gareth Jenkinson joins Gemi’s Bozena Rezab and Wax’s William Quigley about the challenges and mindset of building a gaming company.

“It’s really primitive gameplay, but you get a token as a reward,” Quigley said of the challenge for Web3 gaming companies. The tokens can then be traded on Dex or on a central exchange. The problem is that the whole business model is around the inflation of this token. And as more and more players arrive, more and more tokens are sold, driving down prices. I just don’t think that works.”

15:00: Socios CEO Alex Dreyfus and Juventus icon Alessandro Del Piero discuss the growing intersection between crypto and sports, sports NFTs and fan engagement, and the utility of tokens voting.

Dreyfus emphasized the similarities between sports and entrepreneurship: “You have to embrace failure. Failure is part of success. There is no way you can become a better businessman or manager only if you succeed.

11:30 a.m.: Torger Christian “Toto” Wolff, director and CEO of the Mercedes Formula 1 team, joins TeamViewer CEO Oliver Steel to discuss the role of future software in the reduction of engineering for good roads with the help of remote data .

Toto Wolff, Mercedes F1 Team Principal, with Oliver Steel, CEO of TeamViewer. Source: Jos Val Ball
11:00 am: Michael Gronager, co-founder of crypto analytics firm Chainalysis, took the next stage to discuss how crypto crime has evolved over the years. Gronager noted that although the number of crypto crimes has decreased, the value of assets stolen in hacks has increased. At the same time, money laundering through cryptography still remains one of the most difficult tasks.

Chainalysis co-founder Michael Gronager.
“The metaverse and virtual worlds are growing in popularity because of certain limitations in the physical world,” said Sandbox co-founder Sébastien Bourget. The idea that people can meet in a virtual world in different avatars etc

Source: CoinTelegraph