According to Cointelegraph, Amy Peck, CEO of tech-focused consulting firm EndeavourXR, has called on the crypto industry to focus on building blockchain-based solutions that benefit everyone, rather than launching cash grabs for brands. Speaking at the Lisbon Web Summit, Peck emphasized the need for Web3 firms to adopt a build-first approach and create attractive products to draw newcomers. She criticized the use of Web3 and nonfungible tokens (NFTs) as a means for brands to make money, arguing that it is not a good use of the technology.
Peck suggested that builders should concentrate on 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 acknowledged that it is currently unrealistic for big brands to fully transition to Web3, but pointed out that there is already a 'Web2.5 center lane' that these firms can leverage. Peck also stressed the importance of providing consumers with more control and ownership over their data using blockchain technology.
Regarding cryptocurrency exchange-traded funds, Peck said it is positive that Wall Street firms are taking the industry seriously, but expressed concern that they may try to manipulate what has been built to suit their preferences. She warned that these firms may attempt to 'wrestle it to the ground and make it behave like these existing financial mechanisms.'
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