Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Some technologists and journalists have contrasted it with Web 2.0, wherein they say data and content are centralized in a small group of companies sometimes referred to as 'Big Tech'.
The term 'Web3' was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014.
Web3 has become a catch-all term for the vision of a decentralized internet, encompassing cryptocurrencies, NFTs, DAOs, and decentralized finance (DeFi).