What is a Web3 project?

Web3 projects are decentralized applications or platforms built on blockchain technology that aim to give users more control over their data and digital assets. Unlike traditional web applications, Web3 projects leverage smart contracts and distributed ledgers to enable peer-to-peer interactions without intermediaries. Examples include decentralized finance (DeFi) platforms, NFT marketplaces, and decentralized autonomous organizations (DAOs). These projects are often open-source and community-driven, promoting transparency and innovation in the digital landscape.