Web3, which has been around for almost a decade, was reportedly named by Ethereum co-founder Gavin Wood in 2014. It is a new Internet iteration that “decentralizes” governance via blockchain, reducing the influence of powerful companies like Google and Meta and increasing transparency.

Why are so many people discussing Web3 now? The typical mix of marketing, hype, and fear of missing the next big thing contributes to it in part.

However, growth in Web3 also shows how much money, talent, and energy is being invested in cryptocurrency startups in the wake of a bull market.

Venture capitals have invested over US$27 billion in crypto-related initiatives in just 2021, with a large portion of that money going to Web3 projects. Some major tech firms including Twitter and Reddit have also begun experimenting with their own Web3 projects.

The Web3 space has also turned into a magnet for tech talent, with many workers from major computer companies and banks leaving secure, comfortable jobs to pursue their fortunes in Web3.

Let’s look at some real-world applications of Web3:

Bitcoin: The cryptocurrency has been around for more than ten years. Although not all of its ecosystem is decentralized, the protocol itself is.
OpenSea: OpenSea is a marketplace online for buying and trading of non-fungible tokens (NFTs). It can be considered as an Amazon or eBay for digital artifacts, where users can browse a number of collections to buy NFTs that they think are right for them.
Axie Infinity: Axie Infinity, a video game created by the Vietnamese gaming studio Sky Mavis, is a frequently mentioned example. It employs NFTs and cryptocurrencies built on an Ethereum-linked sidechain to pay players for completing in-game tasks.
Uniswap: Uniswap is the largest decentralized exchange (DEX) running on the Ethereum blockchain, with a market share of 43% as of May 2022. It helps users exchange cryptocurrency without an intermediary party across the world.