The crypto industry should focus on building blockchain-based solutions that everyone can benefit from, rather than launching cash grabs for brands, says Amy Peck, CEO of tech-focused consultancy EndeavorXR.
Peck told Cointelegraph at the Web Summit in Lisbon that Web3 companies must build first and create compelling products to attract newcomers.
She added that using Web3 and non-fungible tokens (NFTs) as “just another money grab from brands” to create a new set of multi-millionaires “doesn’t seem like a good look,” nor a good use of what is a “ elegant technology”.
“This is an endless landscape. The money will be there, right? Let’s build a better lunch box. We have an opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, and not just create another 1%.”
Gaining on-chain ID, taking control and ownership of one’s data, connecting blockchain-based assets to the real world, and interacting in the creative economy are among the key things Peck says builders should focus on to get the most value out of Web3. .
After the collapse of FTX and other industry failures, Peck said a large portion of her company’s customer base says they “don’t want to touch crypto” and that “Web3 is all gimmicks.”
Lisbon Web Summit on November 16. Source: Joe Hall/Cointelegraph
Peck acknowledged that it’s unrealistic at this point for major brands to move completely to Web3, but said there’s already a “Web2.5 middle lane” that these companies can tap into.
It is already possible to give consumers more control and ownership over their data with blockchain, Peck emphasizes.
She added that a more “transparent exchange” is becoming more important than ever, especially with the rise of devices that collect data such as fingerprints and faces.
“What comes with these immersive devices is biometric data that allows the people who own the data to know more about us than we know, and the level of manipulation will be exponential.”
As for exchange-traded funds, Peck said it’s great that Wall Street firms are now taking the sector seriously, but he’s wary that they will try to twist what’s been built to their liking.
“They’re going to try to raze it to the ground and make it behave like the existing financial mechanisms.”
