What Is Web3 | FrenlyFi

Web3 refers to a concept for a decentralized Internet, incorporating decentralization, [[blockchain|blockchain]] technologies, [[tokenomics|tokenomics]], and [[privacy-enhancing-technologies|privacy-enhancing technologies]], aiming to create a more open and democratic online ecosystem. Non-fungible tokens (NFTs) have become increasingly popular, and decentralized finance (DeFi) platforms provide decentralized lending and borrowing services. The development of Ethereum and other blockchain platforms has played a crucial role in the evolution of web3. Web3 is often confused with the use of Web 3.0.