WEB 3.0: Is it really Internet’s next phase?

What is Web 3.0? the next phase of worldwide internet as the many blockchain, cryptocurrency, and technology enthusiasts are excited about or just a buzzword we should be concerned about as Jack Dorsey and Elon Musk are voicing their skepticism about it.
Web 3.0 promises to be a conglomerate of worldwide network ecosystem which cuts the biggie middlemen of the internet out. It is an umbrella platform not owned by any centralized authority or nosey gatekeeper and you do not need search engines like Google to browse or surf or navigate the web. Simply put it is a decentralized free internet which is founded on the technology of blockchain, used by non-fungible tokens (NFTs) and Cryptocurrency. Thus, it will empower the end user, instead of giant tech corporations.