Can Web3 work without crypto?

Can Web3 truly function without the underpinnings of cryptocurrency? The decentralized, trustless, and permissionless nature of Web3 has often been attributed to the use of blockchain technology and cryptocurrencies, which provide a secure and transparent way to exchange value and information. Without these, would Web3 still be able to maintain its CORE principles of user sovereignty, censorship resistance, and data privacy? Or would it simply revert back to the centralized, controlled, and opaque systems of Web2? It's a question worth pondering as the future of the internet evolves.