Although Web3 is often referred to as a group of technologies such as Blockchain, Decentralised Finance, Cryptocurrency and NFTs - ultimately Web3 is about changing our financial, economic, governance and innovation systems through “openness” and decentralisation. If impact organisations like UNDP and other UN agencies develop the skillsets, mindsets, partnerships, and resources to harness the potential of Web3 there is significant potential to accelerate progress toward the goals.

This report is written for international development and impact practitioners to help them to understand Web3; how can we make sense, navigate and shape this technological transformation; and what are the opportunities and risks for the UNDP entering this new development space.