Hosted in Lisbon, Portugal, Web Summit is a leading tech conference that brings together everyone from the leading global tech companies to smaller players. This year, Web3 leaders played a more central role, speaking on stages about non-fungible tokens and cryptocurrencies. Some of the highlights included:
- Yuga Labs CEO Nicole Muniz talking about how NFTs are different from your average JPEG. She mentioned that NFTs, in some cases, grant ownership rights to holders, making them different from consumers. Two specific use cases she cited were media project Jenkins the Valet and the Bored & Hungry restaurant in California.
- The Sandbox co-founder Sebastian Borget mentioning that the future of the metaverse is evolving in real-time, and the two parties driving its evolution are brands and users. According to Borget, users play a crucial role because they are the occupiers of said metaverse and giving them the tools to build alongside brands is important.
- Devin Finzer, CEO of OpenSea, talking about the role NFTs play in the creator economy. He added that non-fungible tokens are attracting a different market segment than traditional cryptocurrencies. The buyers of NFTs are looking for collectibles and ways to engage with creators, which the NFT creator economy allows.
- A panel consisting of Web3 gaming companies emphasized that game designers need to create better experiences for users. This emphasis is contrary to the notion of just building on the blockchain because it is a novelty. GameFi remains one of Web3’s most anticipated segments, one that will likely account for hundreds of millions of users.
This year’s Web Summit event attracted more than 71,000 people, the most since the coronavirus pandemic hit two years ago. Many consider Portugal a leading location for Web3 with its zero-tax rate on crypto.
Web3 Events Becoming More Popular
Even during the slump in the crypto and NFT markets, some Web3 proponents are still finding reasons to get together. At Rarity Sniper this year, we’ve encountered many such stories. Here are three from just the past month.
First, there is Avenged Sevenfold’s Web3 event. A month ago, the band best known for modern heavy metal revealed that holders of its NFTs would be able to attend an exclusive Halloween event. The event featured drinks, games, and tattoos.
Second, there is Singapore’s Web3 event. A month ago, Snoop Dogg’s son hosted an NFT lounge at the event, partnering with Gushcloud, a top influencer marketing agency. He named the lounge “Champ Medici Lounge,” a reference to his father’s previously pseudonymous NFT Twitter account.
Third and finally, there is the American Metaverse Summit & Awards event. Held on March 30th, 2023, it will bring together new Web3 companies, brands, and corporations. There is no doubt the location wasn’t an accident. Miami is known as one of the top Web3 destinations worldwide.
Web Summit 2022 was a success, if for no other reason than a return to normalcy after years of restrictive pandemic measures. If the growth of Web3 is any indication, the sector will take even more of center stage next year.