The CEO of the tech-focused consulting company EndeavourXR, Amy Peck, has urged the cryptocurrency sector to concentrate on creating blockchain-based solutions that are advantageous to all parties rather than initiating money-grabbing campaigns for companies. During his speech at the Lisbon Web Summit, Peck stressed that Web3 companies should focus on building their products first and attracting new customers by offering compelling offerings. She said that it is not a good use of the technology when brands employ Web3 and nonfungible tokens (NFTs) to generate revenue.
To maximise the value from Web3, Peck advised builders to focus on gaining on-chain identity verification, assuming ownership and control over their data, integrating blockchain-based assets into the real world, and engaging in the creative economy. While acknowledging that it is now impractical for large brands to fully migrate to Web3, she also made note of the fact that major companies can already take advantage of a “Web2.5 centre lane.” Peck also emphasised the significance of leveraging blockchain technology to provide customers greater ownership and control over their data.
Peck acknowledged that Wall Street corporations are showing a good attitude towards cryptocurrency exchange-traded funds, but he was concerned that they would try to manipulate the product to fit their own interests. The speaker cautioned that these companies might try to “take it to the floor and force it to behave like these current financial mechanisms.”