The Business of Web3

News from the future of the Internet

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The heady days of Crypto are feeling more like a massive migraine in June 2022. Coins, such as Bitcoin and Ether, once thought to be the new oil, have been on a lurching decline in recent weeks. 

The dips keep on dipping.

The Damon/McGregor-fuelled ad campaigns, the arena naming, the requests by mayors to be paid in Bitcoin – are these now just quaint memories from a bygone era? More importantly, does the #Cryptocrash throw cold water on the future of Web3?

We feel you, and no. Crypto may be one part of the dream for a new, better internet, but it’s far from the only part. So, consider this a break from the doom and gloom. Here’s what else is making headlines in the wide world of Web3.

  • The Weeknd’s After Hours tour is finally happening, now brought to you by Binance
  • Web3’s Got Soul: Ethereum’s co-founder introduces the idea of “soulbound tokens”
  • Pride Month celebrations come to the metaverse, proving Web3’s not just for crypto bros

Read on…


The Weeknd became the latest chart-topping megastar to hop aboard the Web3 train after tapping Binance as the official sponsor for his After Hours Til Dawn tour. It’s the “first global concert tour to integrate Web 3.0 technology for an enhanced fan experience.” Okay, coolcoolcool, but what does that mean exactly?

A few highlights: The tour will collaborate with Toronto-based “creative incubator”, HXOUSE on an NFT collection, and virtual ticket stubs will grant attendees access to commemorative NFTs and other brag-worthy one-of-a-kind experiences. According to The Weeknd, “There are so many possibilities with crypto and I think this is just the beginning.” 

A little louder for Kanye in the back.

Complex | June 3, 2022

It’s the future of the Future of the Internet, according to Ethereum co-founder Vitalik Buterin: non-transferable NFTs, called “soulbound tokens” (or SBTs for short). You may know a version of these from WoW (World of Warcraft, mom and dad). Buterin believes SBTs could act as a sort of “extended resumé, issued by your university or your employer, or gifted to you at an event. SBTs would make it tougher for scammers and identity thieves to fake credentials. It’s all meant to give people ownership over their digital selves, while moving Web3 away from its current Gold Rush mentality of pump-and-dump crypto schemes and Bored Apes.

Insider | May 25, 2022

For the first time ever, Pride Month is coming to the metaverse, thanks to a limited-edition NFT avatar drop, and a weeklong celebration happening at The Sandbox, a decentralized virtual gaming platform that’s partnered with everyone from Snoop Dogg to The Smurfs. Called #MetaPride, the groundbreaking event was designed to combat the fact that an estimated 81% of Web3 participants are currently white men. “We believe that Web3 can only scale if diversity and inclusion are rooted in the foundation of what is being built,” explained People of Crypto Lab co-founder, Simone Berry.

A new online world that better reflects the diversity of our offline world? That’s definitely worth celebrating.

BusinessWire | May 31, 2022