Welcome back to day three of the Web Summit, one of the world’s leading tech conferences, with over 71,000 attendees on the third day. Stationed in Lisbon, Portugal, Cointelegraph’s ground team is ready to bring the most exclusive insights on Web3, crypto and blockchain from the event.
The first two days of the summit saw some of the leading Web3 founders share their views on the future of finance, metaverse and gaming. WAX CEO William Quigley told Cointelegraph that traditional firms likely won’t be leading the charge in the next generation of Web3 games. Sandbox’s co-founder said that the future of the metaverse is in a state of evolution, with both brands and users as important catalysts of growth.
Yuga Labs’ CEO said that nonfungible tokens (NFTs) could bring a new form of digital ownership to the masses in Web3. Meanwhile, Chainalysis’ CEO shared his views on the increase of crypto hacks and how to mitigate them. Read more exclusive insights from day two of our live coverage.
The Cointelegraph team is back on the ground to bring you some of the latest and exclusive insights from the event.
Disclaimer: Don’t forget to check this article regularly to be notified about the most recent announcements from the event. All timestamps are in the UTC time zone, and updates are in reverse order (the latest update is placed at the top).
5:00 pm: It looks like that's a wrap for Web Summit. See y'all next year!
2:00 pm: Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, hosts a roundtable discussion on how to pitch startups and projects for coverage to top-tier journalists.
1:00 pm: Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, sat down with Richard Werner, professor of banking and finance at the University of Oxford, to discuss the vulnerabilities of central banking and whether a decentralized financial system is a possibility. Werner laid out issues with the centralized systems and the high possibility of their failure rates and explained:
“A decentralized financial system is a possibility, but only if we create many local community banks. If we have many community banks, that’s a decentralized financial system that will cater to the needs of local businesses.”
12:00 pm: Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, sat down with Seven Seven Six founding partner Katelin Holloway and Doodles CEO Julian Holguin to discuss what’s next for the NFT space. Talking about the mainstream adoption of Web3 and the importance of visuals, Holguin said that visuals would help consumers overcome technical barriers, thus the focus should be onboarding users through whatever medium attracts them be it visual or audio.
“NBA Top Shot is probably the biggest onboarder of new consumers to the NFT space, thanks to the power of visuals. So yeah, I do think in the short term, visuals play a key role in onboarding,” said Holguin.
11:30 am: Prominent crypto investor Tim Draper was next on stage to discuss the market conditions and the funding aspects of it, saying that bear markets don’t worry him; rather, it’s the bull market that makes him more nervous. His advice to startups and projects: Raise as much money during the bull market as you can, and don’t spend it. He added that companies should focus on using funds wisely during the bear market to stay ahead.
11:00 am: Next on stage is Tim Berners-Lee, the founder of the World Wide Web, along with the co-founder of his Web3 firm Inrupt, John Bruce, discussing the societal and economic impact of Web3. Lee said that the focus should be on efficiency rather than branding.
10:30 am: The first panel discussion on the main stage revolved around the future of crypto with the likes of Cardano founder Charles Hoskinson, actor Ben McKenzie and journalist at Slate and Web3 creator Molly White.
McKenzie started the discussion by bashing crypto and calling El Salvador’s Bitcoin adoption a failure since he didn’t see many people using it. Hoskinson was quick to counter the “bizarre” notion and said that cryptocurrencies are reimagining the financial system. On the question about El Salvador, Hoskinson was quick to remind him that Bitcoin (BTC) is a digital commodity and El Salvador is using it as a bimonetary system the same way the United States doesn’t use gold directly for transactions.
9:30 am: Unlike yesterday’s gloomy and rainy weather, Lisbon is as sunny as it gets today. The Cointelegraph team is ready for the action on day three — but first, breakfast and some coffee!
Unlike yesterday’s gloomy, rainy weather, today Lisbon is as sunny as it gets ☀️— Cointelegraph (@Cointelegraph) November 4, 2022
We’re tempted to go surfing tomorrow morning if the weather keeps treating us right. ♂️ pic.twitter.com/d9gXRcNHuV