Amy Peck, the CEO of tech-focused consulting firm EndeavourXR, emphasized the need for the crypto industry to shift its focus towards building blockchain-based solutions that benefit a broader audience, rather than pursuing quick cash grabs for brands.
Speaking at the Web Summit in Lisbon, Portugal, Peck urged Web3 companies to adopt a “build-first” mentality and create appealing products to attract newcomers.
She expressed concerns about the current trend of using Web3 and nonfungible tokens (NFTs) solely as a means for brands to generate wealth, stating that it tarnishes the reputation of an otherwise elegant technology.
Peck believes that the crypto industry has vast potential and should leverage blockchain to reinvent economic structures, inviting more individuals to participate rather than perpetuating the creation of a privileged 1%.
Peck outlined key areas that builders in the crypto space should prioritize to maximize the value of Web3.
These include establishing on-chain proof of identity, empowering individuals to control and own their data, connecting blockchain-based assets to real-world applications, and fostering participation in the creator economy.
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Addressing recent industry setbacks, such as the collapse of FTX, Peck acknowledged that some clients were apprehensive about cryptocurrency and viewed Web3 with skepticism.
However, she also pointed out the existence of a “Web2.5 center lane” that larger brands could leverage while transitioning into Web3.
Peck emphasized the importance of blockchain technology in providing consumers with greater control and ownership over their data, highlighting the need for a more transparent data exchange, especially in light of emerging technologies collecting biometric data like fingerprints and facial recognition.
She expressed caution regarding cryptocurrency exchange-traded funds (ETFs), acknowledging the interest of Wall Street firms in the crypto industry but warning against attempts to reshape it to fit existing financial paradigms.
Peck emphasized the importance of preserving the core principles of decentralization and innovation that underpin the crypto sector, rather than allowing it to be manipulated by traditional financial institutions.
In conclusion, Amy Peck urged the crypto industry to prioritize building inclusive blockchain solutions and remain vigilant in preserving the integrity of Web3, resisting attempts to co-opt it for short-term financial gain.
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