What is Web3 used for?

Web3 is used to create applications that operate on blockchain technology rather than traditional, centralized servers. It enables peer-to-peer interactions, where users can directly exchange assets, data, and information without intermediaries. Web3 has extensive use in lending, borrowing, and trading of assets securely while enabling DeFi applications. This also provides power to dApps such as NFT marketplaces, social networks, and gaming platforms, among others, by affording users greater control over their data and assets. Web3 is an ambitious vision to change how the internet works by allowing decentralized ownership and decentralized transparency to take power away from central entities and give it to individual users.