The next development of the internet, referred to as Web3, is beginning to take root, and in a big way. Composed of decentralized technologies such as blockchain, Web3 enables users to interact directly to one another without needing any intermediaries. Developments include the emergence of DeFi, where people can trade, lend and borrow assets without necessarily having a bank in the traditional sense. Moreover, NFTs also enhance the way people own things in the digital world because it allows creators to tokenize their art, music, and other types of content. In addition, business transactions are becoming easier thanks to smart contracts, which remove the friction involved in executing contracts by predefining certain conditions. Web3 is the future of the internet. Corporations and new companies are building decentralised apps (dApps) and DAOs as a form of investment into Web3 infrastructure. Web3 will create an internet that is centered around users and offers them more safety and transparency.
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