Off the record: Web3’s brutal year

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Web3 was firmly in the spotlight in 2021 and 2022, for both good and bad reasons. 2021 was a record-breaking year for Bitcoin, NFTs and blockchain applications, but that changed in 2022. The crash of cryptocurrencies, FTX and BlockFi filing for bankruptcy, and Axie Infinity’s $600 million hacking led investors and the public to question the reliability of Web3. 

 

Momentum Academy’s online event – “Off the Record: Web3’s Brutal Year” was held to answer these questions from the community. We explored key events in the landscape during 2021 and 2022, how the FTX collapse will affect the industry in 2023, and even a look at what ChatGPT thinks about Web3.

 

Some key topics discussed include:

  • Web3’s turbulent 2022: Events such as the FTX collapse and Fed interest rate hikes caused a loss in market value of cryptocurrencies and decentralised technology companies. 

  • The impact of FTX’s collapse: Cryptocurrency exchanges, unlike traditional finance institutions, lack regulations and oversight, which allowed fraud to occur.

  • The future of Web3 in 2023: Our perspective on the macro outlook and the impact of regulations, increased applications and investment on the Web3 landscape.

  • Business applications in Web3: How more companies are starting to integrate blockchain and decentralised technology, and the benefits of their applications.

  • Investment strategy for the industry: As Web3 is in its early stages, there are investment opportunities in Web3 applications, infrastructure and interface. We cover some investment strategies and key challenges for the near future.

 

If you’re curious to know about Momentum Academy and how we can help you, reach out to us at [email protected].

 

*Momentum Academy leverages our community to provide unique insights on emerging tech. We provide bespoke services to empower decision makers through Momentum Works’ insights and venture experiences. We provide powerful learning experiences by combining relevant insights with burning issues that our community wants answers. We help you to answer the why, what and how to navigate a fast-changing environment.

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