Focusing on Solutions, Not Cash Grabs
The crypto industry should shift its focus from money grabs for brands and instead concentrate on building blockchain-based solutions that benefit everyone, according to Amy Peck, CEO of tech-focused consulting firm EndeavourXR. Peck emphasized the importance of being build-first oriented and creating attractive products to draw newcomers to the Web3 space. She believes that using Web3 and nonfungible tokens (NFTs) as cash grabs for brands is not the best use of the elegant technology and does not present a good image for the industry.
Building a Better Bread Box
Peck sees the crypto industry as an infinite landscape with abundant opportunities. Rather than creating more millionaires, she advocates for reinventing the economic construct and inviting more people to participate. Peck believes that builders should focus on obtaining on-chain proof of identity, taking control of one's data, connecting blockchain-based assets to the real world, and engaging with the creator economy to extract maximum value from Web3.
Providing Control and Ownership
Peck highlights the potential of blockchain technology to provide consumers with more control and ownership over their data. With the emergence of devices collecting biometric data, she stresses the need for a transparent exchange that prioritizes privacy and protection. Peck warns that the level of manipulation will be exponential with the increasing availability of biometric data.
A New Lane for Big Brands
Although it may be unrealistic for big brands to fully transition to Web3 at the moment, Peck suggests that there is a "Web2.5 center lane" that these firms can leverage. This allows them to benefit from the advantages of blockchain technology without diving fully into the Web3 space.
Wall Street's Role in Crypto
Peck acknowledges that Wall Street firms taking the crypto industry seriously is a positive development. However, she expresses concern that these firms may try to manipulate and mold the industry to fit their existing financial mechanisms. Peck believes that it is important to preserve the unique features and potential of the crypto industry.
Additional reporting by Joe Hall.
