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Web3 should draw newcomers, not be a ‘money grab from brands’ — Tech CEO

Web3 should draw newcomers, not be a ‘money grab from brands’ — Tech CEO

The CEO of tech-focused consulting firm EndeavourXR, Amy Peck, believes that the crypto industry should shift its focus towards building blockchain-based solutions that benefit everyone, rather than launching cash grabs for brands. Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should prioritize creating attractive products that draw newcomers, rather than focusing solely on financial gain.

“This is an infinite landscape. The money’s going to 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%.”

Peck emphasized the importance of obtaining on-chain proof of identity, taking control and ownership of one’s data, connecting blockchain-based assets to the real world, and interacting in the creator economy to extract the most value from Web3. She also expressed concern about the negative perception of Web3 following industry shortfalls and FTX’s collapse, acknowledging that many of her firm’s clients are wary of cryptocurrency and believe that Web3 is rife with shenanigans.

Lisbon Web Summit on Nov. 16. Source: Joe Hall/Cointelegraph

Peck also mentioned the potential for big brands to leverage a “Web2.5 center lane” and transition to Web3, highlighting the opportunity for blockchain to provide consumers with more control and ownership over their data. She stressed the importance of a more transparent exchange, particularly with the emergence of devices collecting biometric data.

“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, and the level of manipulation will be exponential.”

Regarding cryptocurrency exchange-traded funds, Peck expressed caution about Wall Street firms potentially trying to manipulate the industry to suit their existing financial mechanisms.

Additional reporting by Joe Hall.