Web3 (also known as Web 3.0[1][2][3]) is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics.[4] 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".[5] The term "Web3" was coined in 2014 by Ethereum co-founder Gavin Wood, and the idea gained interest in 2021 from cryptocurrency enthusiasts, large technology companies, and venture capital firms.[5][6]

Commentators associated with the Open Rights Group argue that Web3 will provide increased data security, scalability, and privacy for users and combat the influence of large technology companies.[7] They also raise concerns about the decentralized web component of Web3, citing the potential for low moderation and the proliferation of harmful content.[7] Some have expressed concerns over the centralization of wealth to a small group of investors and individuals,[8] or a loss of privacy due to more expansive data collection.[9] Others, such as Elon Musk and Jack Dorsey, have argued that Web3 only serves as a buzzword or marketing term.[10][11][12]