Web 3 steps into the spotlight from behind the scenes: Why a decade of silence exploded in 2021

The Web 3 concept that emerged in 2014, why did it only gain market attention in 2021? The answer is actually simple—it needed to wait for sufficient soil and conditions. As the wave of non-fungible tokens (NFTs) swept across the globe, and as the metaverse concept transformed from science fiction into an investment hotspot, Web 3, as a decentralized network architecture based on blockchain technology, finally found its moment in history.

The True Drivers of Web 3: NFT Wave and the Appeal of Decentralization

In a traditional gaming industry already worth hundreds of billions of dollars, Web 3 games emerged with their unique economic models. Players are no longer just consumers but become asset owners—equipment, characters, skins within the game can be traded and monetized as NFTs. This design of tradable, income-generating game assets makes adopting Web 3 gaming a natural progression.

Meanwhile, a deeper transformative force is brewing: a reflection on the power of tech giants. The current global internet ecosystem is dominated by a few tech giants like Google and Meta (formerly Facebook), who control user data, influence content trends, and steer industry transformation. In recent years, this concentration of power has attracted regulatory attention worldwide—spreading fake news, scams harming users, and privacy protections being virtually ineffective. Web 3 has emerged to address this, aiming to break the centralized power structure and return control to users.

The Three Stages of Web Evolution: From Static Web to Decentralized Future

To understand why Web 3 is seen as a revolutionary change, it’s important to review the evolution of the internet.

Web 1.0 was built on static pages, mainly personal websites and information dissemination platforms. Users played a passive role—browsing content and obtaining information—but lacked interaction. Once a website stopped updating, users had little reason to revisit.

Web 2.0 brought a revolution of dynamic and interactive content. The rise of blogs allowed everyone to publish content, upload data, and continuously update. Visitors could leave comments and provide feedback, influencing potential customer decisions. This era is marked by giants like Facebook, Google, Amazon, and YouTube—who control traffic, aggregate user data, and define the modern internet’s business model.

Web 3 presents a completely different blueprint. It is based on decentralized blockchain technology, no longer relying on servers or control by any single company. When this new architecture broke into mainstream awareness in 2021, people saw not just technological progress but also a challenge to the existing internet power structure.

The Three Core Values of Web 3: Decentralization, Asset Ownership, and Autonomous Operation

So why is Web 3 worth discussing? Its deep driving forces come from three dimensions.

First, the reliability and accessibility brought by decentralization. When the network is driven by distributed blockchain rather than controlled by a single company, the entire system becomes more resilient. Conversations, transactions, and data are no longer monopolized by tech giants but are dispersed across an open network of connected computers. This reduces the risk of privacy abuse and breaks the over-concentration of data in a few companies. Users are no longer passive recipients of platform rules but become participants in network governance.

Second, the profit mechanism of asset ownership. In the Web 3 space, when creating content, you can truly own and control your work. Your products and services can be tokenized, and users can be incentivized for helping to manage and maintain protocols. NFTs exemplify this mechanism—they are proof of digital asset ownership on the blockchain, similar to property deeds for physical real estate. Whether virtual land, in-game collectibles (characters, skins, weapons), or digital artworks, these assets have real ownership and trading value. Interestingly, these digital assets can be divided and shared—anyone can buy a partial stake in a famous artwork, and these shares are tokenized and freely tradable on Web 3 platforms.

Third, the possibility of trustless and autonomous operation. The inherent features of blockchain—recording and verifying data in a trustless manner—are the foundation for building new global networks. In a Web 3 environment, a network of interconnected computers can automatically communicate, record, and verify stored data. Users have full control over their information, and transactions can occur peer-to-peer without intermediaries. This autonomous operation aligns with the logic of cryptocurrencies—allowing the network itself to prevent malicious actions by bad actors.

Opportunities and Concerns: Industry Voices on Web 3 Development

However, opinions on Web 3’s future are mixed and tense.

Twitter founder Jack Dorsey has publicly expressed his view, implying that Web 3 might just be a power shift game for venture capitalists. Tesla CEO Elon Musk also holds a skeptical view, considering it more of a marketing strategy than a genuine technological breakthrough.

In contrast, Sundar Pichai, CEO of Alphabet Inc. (Google’s parent company), has a different stance. He welcomes blockchain technology and has publicly mentioned that the company is seeking to contribute to blockchain growth—indicating that tech giants are beginning to reassess Web 3’s potential.

This clash of perspectives reflects a deeper concern: can Web 3 truly decentralize power, or is it merely shifting power from tech giants to venture capitalists involved in blockchain?

Web 3 Is Still in Its Early Stages: From Concept to Implementation, a Long-Term Challenge

In fact, the development of Web 3 remains in its early stages, full of uncertainties. Although some Web 3 applications exist and many projects are under development, the foundational infrastructure of Web 3 is still relatively abstract and incomplete. We have yet to see the full potential of the entire Web 3 ecosystem unleashed, nor can we definitively say what form this system will ultimately take.

Nevertheless, many see the future of Web 3 as promising. Compared to the Web 2 model where power is concentrated in a few companies, Web 3’s decentralization offers unprecedented control and profit opportunities for ordinary users—enough to support a long-term experiment. Whether Web 3 can fully realize its ideals or not, this reflection and reconstruction of internet power structures has already become an unavoidable topic in contemporary internet development.