What is web3?

Currently, our internet operates via the centralised system of Web2 (e.g. social networking sites including Facebook and Twitter). Web3 is a new, decentralised system of the internet where users are able to become owners of digital assets such as NFTs or cryptocurrencies. This ownership enables them to participate in the system's creation, operation and governance. Unlike the centralised system of Web2, Web3 facilitates peer-to-peer communication and transactions. This allows users to perform actions, including sending, receiving and trading assets, without requiring permissions from central authorities or disruptions from intermediaries.