WebAssembly (Wasm) is a technology that enables high-performance applications to run in web browsers, providing a more efficient alternative to JavaScript for computational tasks. The document outlines the integration of Kotlin with WebAssembly, enabling developers to create web applications with native performance, while also detailing the steps to set up Kotlin/Wasm projects and Rust-based WebAssembly applications. Major applications utilizing Wasm include the Snapchat web app, WordPress, and Figma.