Welcome back to day two of Web Summit, one of the world’s leading tech conferences, with over 71,000 attendees on the second day. The summit is live and in-person in Lisbon, Portugal after two years. The summit is known to bring together some of the most prolific personalities from the tech world together, and in 2022, it’s no different.

Web3 has increasingly become the most talked about topic in the tech world, and Web Summit is no different, as leading tech giants such as Apple or Microsoft continue to explore ways to integrate and transition to the Web3 ecosystem.

After an eventful first day that saw some major Web3-related announcements, including the Web3 Domain Alliance, which intends to prevent malicious phishing attacks, bad actors and Web3 domain collisions. Binance CEO Changpeng Zhao talked about the importance of building during a bear market. 

Cointelegraph’s editor-in-chief, Kristina Lucrezia Cornèr, sat down with crypto executives to discuss the emergence of Web3 tech hubs around the world. Check everything that happened on the first day vi our live article, brought to you directly from our ground team. 

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).

8:00 pm: Closing our second day at Web Summit with Cointelegraph's team dinner after an exciting day with two panels hosted by Gareth Jenkinson with The Sandbox, WAX, and many more tech personalities and fast-growing startups. Our team will be back on the ground tomorrow for the last day in Lisbon. Stay tuned!

3:30 pm: At his second panel of the day, Cointelegraph reporter Gareth Jenkinson hosted Bozena Rezab of Gamee and William Quigley of WAX about the challenges and mindset of building a gaming company.

Regarding the challenges involved for gaming companies on Web3, Quigley said: “It’s really primitive gameplay, but you would get as a reward a token. The token can then be traded on the DEX or a centralized exchange. The problem is the whole business model is around the inflation of that token. And so as more and more players come on, more and more tokens are getting sold, driving the price down. I think that just doesn’t work.”

3:00 pm: Socios CEO Alex Dreyfus and Juventus icon Alessandro Del Piero discussed the growing interconnectivity between crypto and sports, talking about NFT sports and fan engagement, as well as the utility of voting tokens.

Dreyfus highlighted the similarities between sports and entrepreneurship: “You have to embrace failure. Failure is part of success. There is no way you can be a good entrepreneur or manager if you only succeed.”

11:30 am: 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.

11:00 am: Michael Gronager, co-founder of crypto data analytics firm Chainalysis, was next on stage to discuss how crypto crimes have evolved over the years. Gronager noted that although the number of crypto crimes has gone down, the value of assets stolen in hacks has risen. At the same time, laundering money through crypto still remains one of the most difficult tasks.

The Sandbox co-founder Sébastien Borget said the popularity of metaverse and virtual worlds is rising because of certain limitations in the physical world. The idea that people can meet up in the virtual world in different avatars and interact with anyone instantly makes it appealing.

10:45 am: Cointelegraph’s Gareth Jenkinson sat down with The Sandbox co-founder Sébastien Borget to discuss the future of the decentralized metaverse. Borget revealed that land sales in The Sandbox metaverse will resume next week with “major brands,” but he couldn’t say much about it. Hop over to our latest Twitter thread to get more granular insights from the chat.

10:40 am: The second day kicked off with Yuga Labs CEO Nicole Muniz discussing what’s next for NFTs and why they could become the future of digital ownership. Be it privacy, interoperability or identity, everything is associated with ownership, and Web3 would make way for digital ownership.

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

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