Web3 promised decentralized internet via blockchain, where users owned data/content instead of platforms. Venture capitalists poured billions (2021-2022) while critics called it rebranded crypto scam. Most “Web3” projects were centralized anyway, requiring same tech giants’ infrastructure. Crypto winter (2022) killed hype, revealing Web3 solved problems nobody had while creating new ones (complexity, scams, environmental damage).
Sources: Web3 VC Investment Data, Crypto Market Analysis
NFTs (Non-Fungible Tokens) emerged 2017 with CryptoKitties (Ethereum collectibles), but exploded 2021
Web3 promised a decentralized internet powered by blockchain, where users own their data and content
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