The crypto industry should focus on creating blockchain-based solutions that everyone can benefit from rather than launching cash grabs for brands, says Amy Peck, CEO of technology-focused consultancy EndeavorXR.
Peck told Cointelegraph at the Web Summit in Lisbon, Portugal, that Web3 companies should be construction-oriented and create attractive products to attract newcomers.
He added that using Web3 and non-fungible tokens as “just another money grab from brands” to create another list of billionaires “doesn’t seem like a good look” or a good use of what is “elegant technology.”
“This is an infinite landscape. The money will be there, right? Let’s build a better bread box. “We have the opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, not just create another 1%.”
Getting proof of identity on-chain, taking control and ownership of first-party data, connecting blockchain-based assets to the real world, and engaging in the creator economy are among the top things Peck does. He says builders should focus on extracting maximum value from Web3. .
Following the FTX collapse and other industry shortcomings, Peck said that much of his company’s customer base says they “don’t want to touch cryptocurrencies” and that “Web3 is all shenanigans.”
Peck acknowledged that it is currently unrealistic for big brands to fully transition to Web3, but says there is already a “Web2.5 core lane” that these companies can take advantage of.
Peck emphasized that it is already possible to give consumers more control and ownership over their data with blockchain.
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He added that “more transparent sharing” is becoming more crucial than ever, particularly with the emergence of devices that collect data such as fingerprints and faces.
“What these immersive devices come with is biometric data that will allow the people who possess that data to know more about us than we know, and the level of manipulation will be exponential.”
As for cryptocurrency exchange-traded funds, Peck said it’s great that Wall Street firms are now taking the industry seriously, but he fears they’ll try to twist what’s been built to suit their tastes.
“They’re going to try to tear it down and make it behave like these existing financial mechanisms.”
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Additional reporting by Joe Hall.
