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The Role of Web3 in Luxury: Decentralization's Impact on the Luxury Industry
Web3 refers to the next generation of the internet, powered by blockchain technology and decentralized applications (dApps). Unlike Web2, which relies on centralized entities to store and manage data, Web3 enables peer-to-peer transactions, eliminates intermediaries, and empowers individuals to have more control over their personal information and digital assets. The luxury industry, traditionally known for its exclusivity, craftsmanship, and discretion, is now embracing these decentralized technologies to enhance the customer experience and drive innovation.