Web3 is an umbrella term for technologies like blockchain that decentralize data ownership and control on the internet. Most internet applications are controlled by centralized entities that determine how they save and use end-user data. Instead of centralized management structures, Web3 (also called Web 3.0, decentralized web, or semantic web) technologies allow for community-driven projects. In these projects, end users control data, determine pricing, directly contribute to technical development, and have a more significant say in a project’s direction. The technologies have mechanisms that automatically regulate how users interact with one another. So, there’s no requirement for a centralized entity to govern those interactions.