https://web3isgoinggreat.com/ for those trying to avoid clicking through hellsite. Also highly recommend any of various browser plugins that automatically redirect Twitter links to Nitter to dent their engagement numbers, e.g., https://nitter.net/web3isgreat
Kind of barely scratches the surface really, these are just the public scams.
Virtually worthless ERC-20 tokens at least are already infiltrating institutional investor portfolios through a few channels. An ERC-20 issuing company I own 2,02% of sold $33,M USD in totally digital "assets" to a few hedge funds, for instance... I haven't looked at that site for a while so I'm sure there's some crypto scams on the WWW that are bigger by dollar value, but there's literally hundreds of such start-ups doing what we did and I'd imagine the problem only gets worse before the bubble pops.
Some folks looked at Namecoin (one of maybe two blockchains the existence of which is potentially justified by its utility, though the technical implementation could be better since it's literally the 2nd publicly blockchain project after Bitcoin - the other being whatever can be used to buy drugs so long as prohibition exists) and said "what if people could 'own' arbitrary data instead of domain names in a distributed DNS". NFTs were born, they're just digital records in a distributed database called a blockchain, which is a time-series log of cryptographically signed transfers of data, usually integer with decimal values (so-called "cryptocurrency") or now other arbitrary data (like checksums/representations of an image file or something).
Since it all just forms a big public-key cryptosystem, the people who can cryptographically prove ownership of arbitrary data on blockchains can use that proof to authenticate on a website. Basically the same as knowing the password to an account, except the password is a public record and using cryptographic signatures you can prove it's yours. Then you can use that proof of ownership to do anything a password would have done, like log you into a website (eg shitty dating apps or "games").
That's essentially what people are calling Web3 - using records in blockchains to authenticate people.
Thanks for the information! This is the first time I've seen the term web3 so I though it was some kind of new scheme instead of the basis for NFTs. Its interesting that there's more uses to it that still seem to be completely redundant. Why is all cryptocurrency tech like this? "Do this common thing but waste hundreds to thousands more power doing it!." God rich people are so strange. Its uncanny.