Web3 should attract new entrants, not ‘take money from brands’ – Tech CEO
The crypto industry should focus on building blockchain-based solutions that everyone can benefit from, rather than launching a cash grab for brands, said Amy Peck, CEO of tech-focused consulting firm EndeavorXR.
Peck told Cointelegraph at the Lisbon Web Summit that Web3 companies need to be build-first and create attractive products to attract newcomers.
She added that using Web3 and non-fungible tokens (NFTs) to create many more millionaires using “just money other than brands” is a good use of what “doesn't look good” or “nice technology”.
“This is an endless landscape. That's where the money is, right? Let's build a better breadbox. We have an opportunity to do something really exciting and reinvent this economic construct, to invite more people to the party, not just create another 1%.
On-chain authentication, control and ownership of personal data, connecting blockchain-based assets to the real world and interoperability in the creative economy are among the key areas developers should focus on to get the most value out of Web3, Peck said.
In the wake of FTX's collapse and other industry setbacks, Peck says most of her company's customer base “don't want to touch crypto” and “Web3 is all shenanigans.”
Peck admits it's unrealistic for big brands to move to Web3 right now, but says there's a “Web2.5 hub” that these companies can tap into.
Giving users more control and ownership over their data is already possible with blockchain, Peck emphasized.
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She added that “transparent communication” has become more important than ever, especially with the advent of devices that collect data such as fingerprints and faces.
“What's coming with these embedded devices is the biometric data that allows the people who own this data to know more about us than we know and the level of fraud is going to be huge.”
On funds traded on cryptocurrency exchanges, Peck said it's great that Wall Street firms are now taking the industry seriously, but be careful not to try to bend what's already been done to their needs.
“You can fight it on the ground and make it look like financial schemes like this.
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Additional reporting by Joe Hall.
