Web3 Fueling Innovation, not Just Another ‘Money Grab’ for Brands – Insights from a Tech CEO

Web3 Should Attract Newcomers, Not Be a Profit-Driven Venture for Brands' - Tech CEO

The crypto industry is buzzing with excitement, but Amy Peck, the CEO of EndeavourXR, has a message for everyone: stop chasing the money and start building blockchain-based solutions that benefit everyone. In an exclusive interview with Cointelegraph at the Lisbon Web Summit, Peck emphasized the importance of being build-first oriented and creating attractive products to draw newcomers into the exciting world of Web3.

Peck bluntly called out the trend of using Web3 and nonfungible tokens (NFTs) as “just another money grab from brands.” According to her, this approach not only tarnishes the elegant technology of blockchain but also fails to create a good look for the industry. In her own words, “Let’s build a better bread box instead of trying to create another slate of multi-millionaires. We have the opportunity to reinvent this economic construct and invite more people to the party, not just create another 1%.”

So, what should builders in the blockchain space focus on? Peck highlighted several key areas that can extract the most value from Web3. Obtaining on-chain proof of identity, taking control and ownership of personal data, connecting blockchain-based assets to the real world, and engaging in the creator economy are all avenues worth exploring.

But it’s not all rainbows and unicorns for the crypto industry. Peck mentioned that many of her firm’s clients are skeptical, claiming they “don’t want to touch crypto” and that “Web3 is all shenanigans.” This sentiment has been fueled by incidents like FTX’s collapse and other industry shortfalls. However, Peck believes there’s still hope, as there’s already a “Web2.5 center lane” that big brands can utilize while transitioning to Web3.

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One of the crucial aspects that blockchain can offer is giving consumers more control and ownership over their data. Peck emphasized the need for a more transparent exchange, especially as devices collecting biometric data, such as fingerprints and faces, become more prevalent. She warned, “What is coming with these immersive devices is biometric data that will allow the people who own that data to know more about us than we know. The level of manipulation will be exponential.”

On the topic of cryptocurrency exchange-traded funds (ETFs), Peck commended Wall Street firms for finally taking the industry seriously. However, she expressed concern that these institutions might try to bend and shape the technology to fit their existing financial mechanisms. In her words, “They’re going to try and wrestle it to the ground and make it behave like these existing financial mechanisms.”

In conclusion, the crypto industry needs to shift its focus from cash grabs to building solutions that benefit everyone. Let’s embrace the opportunities offered by Web3, empower individuals by giving them control over their data, and reinvent the economic construct. It’s time to party and invite more people to join in on the excitement of blockchain technology!

So, dear readers, what are your thoughts on Peck’s advice? Are you ready to roll up your sleeves and build innovative solutions in the crypto space? Let us know in the comments below!

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