The NFTxLV 2023 conference in Las Vegas began with a presentation exploring the concept of Web3 and its significance. Web1 initially connected computers, allowing basic communication and public websites. In Web2, users became creators with social media and platforms like Wikipedia redefining knowledge sources. However, Web2’s centralization of user data and control has raised concerns about privacy and security.
James Rupp, the presenter, explained the shift to Web3, which is powered by blockchain technology. Web3 focuses on online security and user empowerment, giving individuals control over their identity, data, and finances. It aims to provide equitable access to this empowerment, despite the initial challenges of adapting to new technologies. Rupp drew parallels between learning to use ATMs and adopting blockchain tools, emphasizing the potential for normalization over time. Web3 represents a transition toward decentralized data management and individual empowerment in the digital age.