The second day of Web Summit started with a talk about NFTs and the future of the metaverse, with significant Web3 discussions scheduled for the rest of the day.

Welcome back to day two of Web Summit, one of the top IT conferences in the world with more than 71,000 attendees today. After two years, the summit is taking place live and in person in Lisbon, Portugal. The summit is known for bringing together some of the most well-known figures in the tech industry, and 2022 will be no exception.

As leading software behemoths like Apple or Microsoft continue to look for methods to integrate and migrate to the Web3 ecosystem, Web3 has become the most talked-about topic in the IT industry, and Web Summit is no exception.

Following a busy first day that included several significant Web3-related announcements, such as the Web3 Domain Alliance, which aims to stop rogue actors, dangerous phishing assaults, and Web3 domain conflicts. The CEO of Binance, Changpeng Zhao, discussed the value of construction amid a bear market.

Editor-in-chief of Cointelegraph Kristina Lucrezia Cornèr met with cryptocurrency industry leaders to talk about the growth of Web3 tech clusters globally. Check out our live article, which was provided to you by our ground team, to see all that occurred on the first day.

In order to offer you some of the most recent and exclusive insights from the event, the Cointelegraph staff has returned to the scene.

Day two of the Web Summit began with a discussion on nonfungible tokens (NFTs) and how ownership of digital assets may soon become commonplace.

3:30 pm: Cointelegraph writer Gareth Jenkinson invited Bozena Rezab of Gamee and William Quigley of WAX for his second panel of the day to discuss the difficulties and attitude involved in starting a gaming business.

Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon.
Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon. 7

Quigley commented on the difficulties facing game developers on Web3 by saying: “It’s extremely simple gameplay, but you would get a token as a reward. The token may then be exchanged on a centralized exchange or the DEX. The issue is that the token’s inflation is at the center of the entire business model. The price decreases when more players join the game since more tokens are being sold. That, in my opinion, just doesn’t work.

3:00 p.m.: Socios CEO Alex Dreyfus and Juventus legend Alessandro Del Piero discussed the growing interconnectedness of crypto and sports, discussing NFT sports and fan engagement, as well as the utility of voting tokens.

Dreyfus drew parallels between sports and business, saying, “You have to embrace defeat. Failure contributes to success. If your primary goal is success, you cannot possibly be a competent manager or entrepreneur.

11:30 a.m.: Mercedes Formula One team principal and CEO Torger Christian “Toto” Wolff joined TeamViewer CEO Oliver Steil to discuss the role of future software in reducing engineers on track with the help of remote data.

Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon.
Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon. 8

11:00 a.m.: Michael Gronager, co-founder of crypto data analytics firm Chainalysis, took the stage next to talk about how crypto crimes have evolved over time. Gronager observed that, while the number of crypto crimes has decreased, the value of assets stolen in hacks has increased. At the same time, money laundering through cryptocurrency remains one of the most difficult tasks.

Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon.
Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon. 9

The popularity of the metaverse and virtual worlds is growing, according to Sébastien Borget, co-founder of The Sandbox, because of some constraints in the real world. It appeals to the notion that individuals can instantaneously interact with anyone in the virtual world by meeting up in various avatars.

Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon.
Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon. 10

10:45 a.m.: Cointelegraph’s Gareth Jenkinson spoke with Sébastien Borget, co-founder of The Sandbox, about the future of the decentralized metaverse. Borget confirmed that land sales in The Sandbox metaverse will resume next week with “major brands,” but he didn’t elaborate. To get more granular insights from the chat, check out our most recent Twitter thread.

10:40 a.m.: Yuga Labs CEO Nicole Muniz kicked off the second day by discussing what’s next for NFTs and why they could be the future of digital ownership. Everything is associated with ownership, whether it is privacy, interoperability, or identity, and Web3 would pave the way for digital ownership.

Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon.
Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon. 11

Gareth Jenkinson, a Cointelegraph reporter, is on the ground with The Sandbox co-founder Sébastien Borget to discuss some of the project’s key developments during a panel discussion, so stay tuned.

Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon.
Nov. 3: Most recent updates from Cointelegraph's ground staff at Web Summit Lisbon. 12

The Cointelegraph team is live on the ground in Lisbon, starting the day off with some coffee and local delicacies.

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