Web3 is a vision of a decentralised internet built on blockchain technology, where users own their data and digital assets rather than surrendering them to tech giants. It encompasses cryptocurrencies, NFTs, DAOs, and decentralised applications.
2014
Gavin Wood coins the term Web3
2021
Web3 becomes mainstream — venture capital floods in
2022
Web3 scepticism grows as NFTs collapse and projects fail
2023
Web3 investment drops 90% from 2021 peak
Decentralised applications, user data ownership, tokenised economies, censorship-resistant publishing
💡 Did You Know
Despite widespread adoption of the term, most Web3 applications still rely heavily on centralised infrastructure like AWS and Infura
⚠ Controversies & Red Flags
Web3 has been criticised by veterans like Jack Dorsey and Moxie Marlinspike as not truly decentralised, and by others as primarily a speculative vehicle.