Web3 (aka Web 3.0) is a concept of an evolved type of worldwide web that incorporates decentralisation, blockchain technology, and token-based economics.
DEFY as well as having its own token in $DEFY, it is also heavily backed by blockchain technology acquiring your own tradable assets as you earn them in-game.
Unlike Web 2.0, where in-game items are lost if your account is deleted by the game creators, Web3 allows for direct ownership of these items through non-fungible tokens (NFTs). This allows you to buy or sell in-game items on the Black Market with other players.
Web3 words you might come across:
Blockchain - a digital ledger used to store and transfer information without the need for a central authority. It’s an immutable database, which means that information can’t be tampered with or altered once it’s been recorded.
Bridge - a tool used to transfer digital assets out of a blockchain into another context (e.g. another blockchain or a game server).
CEX (Centralised Exchange) - a cryptocurrency exchange managed by a centralised business or entity.
Cold Wallet - These wallets can be in the form of hardware devices, or they can simply be sheets of paper containing a user's private keys. Since cold wallets are not connected to the internet, they are generally considered a safer method of storing cryptocurrencies.
Cryptocurrency - a digital asset designed to be used as a medium of exchange. They are borderless, secure, and maintained by blockchains instead of centralised banks or governments.