Web3 remains a hazy concept, but the idea is that it will be powered by the blockchain, the technology behind many major cryptocurrencies and nonfungible tokens, or NFTs. A plethora of entrepreneurs around the world are trying to design and build the technologies and protocols that would support Web3.
Advocates of Web3, which would follow Web1 and Web2, believe today’s online platforms are too centralized and controlled by a handful of large internet companies, like Amazon, Apple, Alphabet and Facebook parent company Meta.
Web3′s army of supporters want to see the power of the internet put in the hands of the people, not VCs. They believe it’s too big and important for a small number of companies or investors to manage.
Today the internet is vital to the global economy and plays a role in powering everything from nuclear facilities to hospitals.