Web3 is a general term for technologies, such as blockchain, that decentralize the ownership and management of data on the Internet. Most Internet applications are governed by centralized organizations that determine how they store and use end-user data. In contrast to centralized governance structures, Web3 technologies (Web 3.0, decentralized web, or semantic web) enable community-driven projects. In these projects, end users control the data, determine prices, directly contribute to technical development, and play a larger role in determining the direction of the project. The technologies have mechanisms to automatically regulate user interactions, eliminating the need for centralized entities to manage these interactions.