People said Web3 was the next big thing in IT and was just a fad. The truth is, there are still a lot of them out there. People talked a lot about decentralization, blockchain, and how cryptocurrencies could give power back to users when they first emerged. It sounded like a complete transformation of the Internet.
But if you’ve been paying attention lately, you may have noticed that the excitement has died down a bit. So many people are wondering whether Web3 is still going strong or whether it has died out like many other technology phenomena.
It’s alive, but not in the way people thought. Web3 is not going away. It’s just changing. To get a full picture of where you are, you need to look at the headlines and see how the technology, community, and real-world usage are performing.
From hype to reality
In 2021, Web3 was everywhere. Blockchain businesses were making a lot of money, NFTs were selling for ridiculous amounts, and cryptocurrency enthusiasts were talking about a future where there were no intermediaries and people actually owned their own data. It was really interesting.
After 2022 and 2023, things calmed down. Some high-profile projects ran into problems, token prices fell, and some high-profile Web3 companies laid off employees or went out of business entirely. Suddenly “Web3” seemed like a buzzword that had lost much of its appeal.
But the important thing is that this doesn’t mean it’s over. What we’re seeing is just that Web3 is getting older. The euphoria is fading and the focus is now on creating plans that create lasting, concrete use cases rather than just riding the wave of speculation.
Web3 isn’t going away, it’s changing
Many people think Web3 is dead because it has a vision that many people using blockchain have not yet realized: everyone owns their own data and decentralized apps running smoothly. But change takes time and this is one of those times that requires patience.
Web3 is slowly finding its way now. Decentralized finance (DeFi) is still going strong. People can lend, borrow, and make money without using traditional banks. NFTs aren’t just for digital art anymore. You can also find it in games and as part of your digital identity. Blockchain is not just for Bitcoin. It’s also being used in real life in places like healthcare and supply chain.
Web3 hasn’t completely changed the Internet yet, but it’s slowly finding its way into the technology we use every day. The excitement may have faded, but the technology is still alive and growing.
Community and open source innovation
Web3 isn’t going anywhere because it’s built around community. Many Web3 projects are open source and rely on help from people around the world. This is different from most technology projects. This means progress doesn’t stop when the hype subsides or investors leave.
Ethereum, Solana, and Polygon are still very much alive. Their community is working hard to create new tools, fix old ones, and try new things. Even small, professional projects do well because the people behind them care about more than just making money. They are also interested in the goals and principles of the project.
This kind of creativity from the beginning is what has kept Web3 going. You don’t often see it in the news anymore, but there’s a lot of important work going on in our developer channels, forums, and GitHub. Even when the buzz dies down, the work that goes on behind the scenes continues to grow the ecosystem.
The Future of Web3: Quiet but Present
Web3 still exists, but it’s not as loud and aggressive as it used to be. People no longer just talk about things that sound good. They’re trying to make something that works now. Web3 does not promise that everyone will own everything on the blockchain tomorrow.
The days of enthusiast tokens and highly sought-after NFTs may be over, but the technology, community, and real-world usage are still going strong and changing. If you pay attention to where it goes, you’ll realize that the slow growth that’s happening today will lead to the next surge of new ideas.