{"id":25166,"date":"2023-11-17T02:46:12","date_gmt":"2023-11-17T02:46:12","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/web3-should-draw-newcomers-not-be-a-money-grab-from-brands-tech-ceo\/"},"modified":"2023-11-17T02:46:15","modified_gmt":"2023-11-17T02:46:15","slug":"web3-should-draw-newcomers-not-be-a-money-grab-from-brands-tech-ceo","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/web3-should-draw-newcomers-not-be-a-money-grab-from-brands-tech-ceo\/","title":{"rendered":"Web3 should draw newcomers, not be a \u2018money grab from brands\u2019 \u2014 Tech CEO"},"content":{"rendered":"<div data-v-8081b7b6=\"\">\n<p>The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands, says Amy Peck, CEO of tech-focused consulting firm EndeavourXR.<\/p>\n<p>Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers.<\/p>\n<p>She added using Web3 and nonfungible tokens (NFTs) as \u201cjust another money grab from brands\u201d to create another slate of multi-millionaires \u201cdoesn\u2019t seem like a good look\u201d nor a good use of what is an \u201celegant technology.\u201d<\/p>\n<blockquote><p>\u201cThis is an infinite landscape. The money\u2019s going to be there, right? Let\u2019s 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%.\u201d<\/p><\/blockquote>\n<p>Obtaining an on-chain proof of identity, taking control and ownership of one\u2019s data, connecting blockchain-based assets to the real world and interacting in the creator economy are among the top things Peck says builders should focus on to extract the most value from Web3. <\/p>\n<p>Following FTX\u2019s collapse and other industry shortfalls, Peck said much of her firm\u2019s client base says they \u201cdon\u2019t want to touch crypto\u201d and that \u201cWeb3 is all shenanigans.\u201d <\/p>\n<figure><figcaption style=\"text-align: center;\"><em>Lisbon Web Summit on Nov. 16. Source: Joe Hall\/Cointelegraph<\/em><\/figcaption><\/figure>\n<p>Peck acknowledged it\u2019s currently unrealistic for big brands to fully transition to Web3 but says there\u2019s already a \u201cWeb2.5 center lane\u201d that these firms can leverage.<\/p>\n<p>Providing consumers with more control and ownership over their data is already possible with blockchain, Peck stressed. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>How AI is changing crypto: Hype vs. reality<\/em><\/strong><\/p>\n<p>She added a more \u201ctransparent exchange\u201d is becoming more crucial than ever, particularly with the emergence of devices collecting data such as fingerprints and faces.<\/p>\n<blockquote><p>\u201cWhat 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.\u201d<\/p><\/blockquote>\n<p>On cryptocurrency exchange-traded funds, Peck said it\u2019s great that Wall Street firms are now taking the industry seriously but is wary that they will try to twist what has been built to suit their liking.<\/p>\n<blockquote><p>\u201cThey\u2019re going to try and wrestle it to the ground and make it behave like these existing financial mechanisms.\u201d<\/p><\/blockquote>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Singer V\u00e9rit\u00e9\u2019s fan-first approach to Web3, music NFTs and community building<\/em><\/strong><\/p>\n<p class=\"post-content__disclaimer\">Additional reporting by Joe Hall. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands, says Amy Peck, CEO of tech-focused consulting firm EndeavourXR. Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers. She added using Web3 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":25167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-25166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Web3 should draw newcomers, not be a \u2018money grab from brands\u2019 \u2014 Tech CEO | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/web3-should-draw-newcomers-not-be-a-money-grab-from-brands-tech-ceo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Web3 should draw newcomers, not be a \u2018money grab from brands\u2019 \u2014 Tech CEO | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands, says Amy Peck, CEO of tech-focused consulting firm EndeavourXR. Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers. 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