In a recent interview with Cointelegraph at the Lisbon Web Summit, Amy Peck, CEO of tech-focused consulting firm EndeavourXR, emphasized the importance of the crypto industry shifting its focus towards building blockchain-based solutions that benefit everyone, rather than pursuing cash grabs for brands.
Peck advocated for a “build-first” orientation among Web3 firms, emphasizing the creation of attractive products to draw in newcomers to the space. She expressed her concern about using Web3 and nonfungible tokens (NFTs) solely as a means for brands to make quick profits, stating that this approach doesn’t align with the elegant potential of the technology.
According to Peck, extracting the most value from Web3 involves focusing on essential aspects such as obtaining on-chain proof of identity, taking control and ownership of one’s data, connecting blockchain-based assets to the real world, and actively participating in the creator economy. She believes that these aspects contribute to the true potential and societal benefits of blockchain technology.
In the aftermath of FTX’s collapse and other industry shortfalls, Peck shared that many clients of EndeavourXR have expressed reluctance to engage with crypto, associating Web3 with “shenanigans.” Despite acknowledging the current impracticality for big brands to fully transition to Web3, Peck highlighted the existence of a “Web2.5 center lane” that these firms can leverage.
Peck emphasized that blockchain technology can already empower consumers by providing them with more control and ownership over their data. She encourages the industry to focus on these foundational principles to create a more inclusive and sustainable Web3 ecosystem, urging builders to prioritize solutions that benefit the broader community rather than short-term gains for a select few.
