Crypto prices have slumped to historic lows in the past couple of months, costing the crypto market trillions of dollars in value and raising questions about the industry’s future. More than 70 cryptocurrencies have lost 90% of their value since January 2022, while Bitcoin and Ethereum have dropped by more than 50%. As experts predict that Ethereum and Bitcoin could drop by as much as 85%, how will the newest version of the internet, dubbed Web3, fare?

The internet has become increasingly centralized over the past decade as a select number of companies have gained a monopoly over internet services and data. However, Web3 is built on the concept of decentralization, which is the same principle behind cryptocurrencies such as Bitcoin and doesn’t rely on…

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