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The gist is (oversimplifying ALOT):
Web3 = decentralize user data, leverage blockchain (all/any of them) for many things
Web5 = use BTC as the basis for all identity and authentication
Web5 is “kind of” a joke and kinda serious while web3 very much is not a joke, depending on how you view the approach in general.
Execution on either comes down to your POV on Bitcoin vs crypto.