What Does Web3 Really Mean?

• Web3 refers to a decentralized version of the web, with a money layer, and in which users take independent ownership of their own data and digital identity.
• Web3 is speculative and a work-in-progress, but looking at the history of the internet and the development of crypto, it fits naturally into the tech timeline.

During a crypto bear market, and particularly when a macro-financial storm is blowing across the globe, it is easy to lose sight of why crypto pulled attention in the first place. Sentiment is negative and doom-laden, which is exactly the time to return to first principles and get a handle on what is being built and advanced towards, and for what purpose.
Over the last year or so, a lot of hype has been built up around NFTs and the metaverse, with both of those sectors falling within a wider category that is being referred to as web3. As a result, that web3 label is now used loosely, and sometimes even simply as a synonym for crypto, particularly crypto that is related to smart contract blockchains, such as Ethereum and Solana.
As a result, when people begin to doubt crypto, then they might also start to feel a similar way towards the concept of web3 as a whole. That is, bearish on crypto and bearish on web3.
This, however, is like doubting that technological advances will continue simply because tech stocks are down. Or, more concretely, like giving up on the internet after the dot com bubble burst. At such a time, It is worth considering in context exactly what web3 is supposed to mean, where it might be leading, and the likelihood that it will be a key part of the narrative when, as they eventually must, sentiment and structural set-ups reverse back into the beginnings of a bullish phase.
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