**Abstract**

eCommerce merchants anticipate adoption of cryptocurrencies in a vast scale in the coming years. While the concepts of Web3 are being adopted, business leaders and decision makers need to understand key the elements of Web3 and technological constructs behind the evolution of Web3. This study focuses on defining these constructs of Web3 and explain technological differences as compared to Web 2.0. Using extensive academic, industry, and online information, the study defines major characteristics of Web3, show cases early adopters, use cases, and opportunities in the area. Web3 is still evolving and there are many challenges which needs to be addressed. eCommerce businesses who are going to sustainably change the business models or disrupt with a new Web3 business is likely to succeed in the coming years. The findings of this study are also validated with an expert interview.

**Keywords:** Web3, web 3.0, Blockchain, NFT, eCommerce, Metaverse, decentralized applications, cryptocurrency
