Web3 and the entrepreneurial imaginary of the 2022 Lisbon Web Summit

Abstract

This article discusses the entrepreneurial imaginary and the role of Web3 in the narratives of industry actors at the 2022 Lisbon Web Summit. This imaginary does not address the qualitative aspects of current crises but rather their potential for regenerating capital flows in the spirit of never letting a good crisis go to waste. The article argues that the wealth‐tech nexus is symptomatic of the broader process of financialization of the economy and, in particular, of the growing role of private investment in the form of Venture Capital (VC), particularly illustrated by ‘unicorns’. While capital allocation in the digital economy, both from private and public sources, currently exceeds its realization, this entrepreneurial imaginary builds expectations towards Web3 and effectively drives the valuation process and investors’ returns, regardless of its future implementation.