Web3 explained by Gary Vaynerchuk

CEO of Vaynermedia Gary Vaynerchuk explains the differences between web2 and web3 while discussing the future of the metaverse and blockchain based technologies.

Video Transcript

GARY VAYNERCHUCK: Web 3.0 captures a category of new things going on. Web2 is what captured social media. Before we called them social media sites, Facebook, YouTube, Twitter, they were called Web2 sites, because it was like, the web is growing up. This is Web3, which is kind of interesting because the blockchain is not the internet. But we're calling it Web3.

And what Web3 is, it's capturing the blockchain. It's capturing this concept called the Metaverse, which is Oculus and things of that nature, where you live in virtual reality. In practical terms, what it is, is owning something digitally. And it's the most simplistic thing. You own something digitally.

Now the reason people struggle with that is, you can't own anything digitally on the internet. People can go and right-click and save an image, and then I have it on my phone. And you think you own it, but you don't own it. Whereas in Web3, the blockchain allows you to own it.