Web3 encompasses a new generation of Internet technologies that run on decentralized and distributed systems such as blockchains. These technologies, including blockchain networks, cryptocurrencies, NFTs and smart contracts, form the backbone of an Internet where users have more control.

Web3 marks a shift from the centralized power of large Internet companies to a more user-centric model. Whereas in the Web2 era companies often managed personal data in exchange for services, Web3 offers the promise of greater privacy, less censorship and the ability for users to manage and monetize their own data. Interactions occur on a peer-to-peer basis, allowing users to connect directly with each other without the intervention of central authorities.