As opposed to the more generic WebThreePointZero, we're starting to call this vision of BlockChains, MicroPaymentsOnBlockChains and a decentralized system free from BigTech with the MetaVerse (or maybe OpenMetaVerse) as simply Web3

VenkateshRaoOnMetaVerse has some good points. He thinks of web3.0 as very much focused on the blockchain / CryptoWallets address as the id of every "person" and NonFungibleTokens as the id of THINGS. But web3.0 is tied to data stored on IPFS and similar. So largely content addressable.

So content addressable data + NFTs / blockchain based "ownership" (and "authorship") credentials.

See story on HicEtNunc

Note: You can see some of the hype as responding to worries about TheUltimatePlatformWar ... in a sense is Web3 is your identity is your blockchain address managed through your CryptoWallet rather than being owned by some organization. (TheUserIsThePlatform)

TBD is JackDorsey's entry into the genre.

Criticism

Here's some scepticism, I agree with. Which has a very good analysis of WebTwoPointZero

https://darkstar.mirror.xyz/aXm3OTVTK26hN2QKu82s8NjLQYPKCOMiVD2zIioCOVU

Learning Web3