Introduction to Web3: The New Cultural Economy

Abstract

Today the term Web3 (as distinct from Web 3.0) exists as a challenger to name the overall space variously known as cryptocurrency, Crypto or blockchain. It has an especial appeal to the post-2021 generation swept in under a wave of innovation in blockchain primitives. These primitives – Decentralised Autonomous Organisations (DAOs), Decentralised Finance (DeFi) and Non-Fungible Tokens (NFTs) – captured the imaginations of a new kind of user, one not necessarily plugged into the cypherpunk or crypto-anarchist ideals of Bitcoin. The term appears to partially reflect a desire to move beyond Bitcoin’s strictly monetary focus. The targets for blockchain decentralisation increasingly became the tech giants of Web 2.0, whose reputation had plummeted in this era.