Amy Peck, CEO of technology-focused consultancy EndeavorXR, said the crypto industry should focus on building blockchain-based solutions that everyone can benefit from, rather than grabbing money for brands.
Peck told Cointelegraph at the Lisbon Web Summit that Web3 companies should put construction first and create attractive products to attract newcomers.
She added that using Web3 and non-fungible tokens (NFTs) is “just another way to take money away from brands” to create another batch of millionaires and “doesn’t look good” and is not a reflection on “elegant technology.” “Good use.
“It’s an endless landscape. The money is going to come, right? Let’s build a better bread box. We have an opportunity to do something really interesting and reshape this economic structure and invite more people to participate party, not just create the other 1%.”
Peck said that to get the most value from Web3, the top priorities builders should focus on include obtaining on-chain identity, controlling and owning data, connecting blockchain-based assets to the real world, and interacting in the creator economy. .
In the wake of the FTX debacle and other industry shortages, Peck said much of her company’s customer base said they “don’t want to touch cryptocurrencies” and that “Web3 is all a hoax.”
Peck acknowledged that it’s currently unrealistic for big brands to completely transition to Web3, but he said these companies can already take advantage of the “Web2.5 middle line.”
Peck emphasized that blockchain can already provide consumers with more control and ownership of their data.
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She added that a more “transparent exchange” was more important than ever, especially with the emergence of devices that collect data such as fingerprints and faces.
“What these immersive devices bring to the table is biometric data that will allow the people who have that data to know us better than we do, and the level of manipulation will increase exponentially.”
Regarding cryptocurrency exchange-traded funds, Peck said it’s great that Wall Street firms are now taking the industry seriously, but they are concerned that they will try to twist already established funds to suit their own preferences.
“They’re going to try to knock it to the ground and make it work like the existing financial mechanism.”
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Additional reporting by Joe Hall.
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