Tech CEO: Web3 should attract newcomers, not steal money from brands

EndeavourXR CEO Amy Peck said that leveraging Web3 and NFTs to create another batch of millionaires is not a good use for the technology.

Amy Peck, CEO of technology-focused consulting firm EndeavourXR, said the crypto industry should focus on building blockchain-based solutions that everyone can benefit from, rather than grabbing money for brands.

Peck told reporters at the Lisbon Web Summit that Web3 companies should build first and create attractive products to attract newcomers.

She added that using Web3 and non-fungible tokens (NFTs) is “just another way to grab money from brands” to create another batch of millionaires that “doesn’t look good” and is not a good use of “elegant technology.”

"It’s a boundless landscape. The money is coming, right? Let’s build a better bread box. We have an opportunity to do something really interesting, reshape this economic structure, invite more people to the party, and not just create the other 1%. ”

Peck said that in order to get the most value from Web3, the top priorities builders should focus on include obtaining on-chain proofs, controlling and owning data, connecting blockchain-based assets to the real world, and interacting in the creator economy.

In the wake of the collapse of FTX and other industry shortages, Peck said that many of her company’s customer base said they “don’t want to touch crypto” and that “Web3 is all a hoax.”

The Lisbon Web Summit on November 16. Source: Joe Hall

Peck acknowledges that a full transition to Web3 for big brands is unrealistic at the moment, but says these companies can already take advantage of the “Web2.5 mid-line.”

Peck highlighted that through blockchain it is already possible to provide consumers with more control and ownership of their data.

She added that more “transparent exchanges” have become more important than ever, especially with the advent of devices that collect data such as fingerprints and faces.

“What these immersive devices bring is biometric data that will allow the people who have that data to know us better than we do, and the degree of manipulation will grow exponentially.”

Regarding crypto exchange-traded funds, Peck said it’s great that Wall Street firms are taking the industry seriously right now, but they’re worried that they’ll try to twist already established funds to suit their preferences.

Joe Hall’s adding, “They’re going to try to knock it to the ground and make it work like the existing financial mechanism.” ”