Web3 is described as the next generation of the Internet, aiming to create a more decentralized, open, and transparent web through blockchain technology. The evolution of the web can be summarized as:

Web1 (1990-2005): Open protocols that were decentralized and community-governed.

Web2 (2005-2020): Centralized services run by corporations, leading to a few tech giants like Google, Amazon, Apple, LinkedIn, YouTube, and Facebook dominating the revenue streams.

Web3: Emerged in response to concerns about tech giants selling user data or facing security breaches. In Web3, users and builders can own parts of the internet by owning NFTs or fungibles. It gives users control over their data on the internet. Web3 is distinct from cryptocurrency, though both are based on distributed ledger technology (DLT) or blockchain.