Web3, also known as Web 3.0, is the concept of the next generation of the web. It is a decentralized network that incorporates blockchain technologies, token-based systems, and cryptocurrencies to give power back to users in the form of ownership. The term "Web3" was coined by Polkadot founder and Ethereum co-founder Gavin Wood in 2014. Web3 uses intelligent systems, semantic web, decentralization, metaverse, digital assets, and other emerging technologies to create a better internet.