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Web 3 is the next phase of the Internet. There is no established or widely agreed-upon definition of Web 3 — but the concept represents decentralized protocols that allow the creation of platforms, economies, and organizations that no single entity controls. Bitcoin proved to the world that a decentralized system built on a blockchain could power an economic system now valued at over $1 trillion. The introduction of blockchain technology spurred the creation of many decentralized protocols designed to power finance, media, and entertainment applications. Collectively, these protocols command over $2.32 trillion in value as of this writing. Web 3 may provide the foundation necessary to create a fully realized Metaverse and could help solve interoperability problems. The recent flurry of interest related to NFTs provides a sneak peek into how this could play out.
