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I'm pretty sure "Web3" is just a term that crypto-enthusiasts have invented to mask the fact that crypto has completely failed to live up to any of its promises.

No-one can tell me anything about Web3 except that it's the future, it's the next wave, everyone is investing in it, everyone is moving into the space, it's going to be huge, you'd be a fool to miss out. But ask for details, or for a single example (just one) of a Web3 application that's unequivocally proved itself or that can't be better served by an existing pre-blockchain technology and... crickets.

Replace "Web3" with simply "blockchain" and I could have written the exact same paragraph five years ago. It's hard to keep the hype train going when you've been saying the same thing for five years and the "future" still hasn't arrived, but rename "blockchain" to "web3" and suddenly it sounds like you having something new and the hype cycle can repeat.

Give it another five years and I expect the cryptoheads will be pumping another trendy new term to mask the lack of innovation. It's the future, you've got to believe me! It's going to blow up! Any day now.