Tech CEO Speaks Out Against Web3 Profit Grabs and Demands All-Inclusive Blockchain Solutions

Instead of letting it be controlled by conventional banks, Peck stressed the need of maintaining the crypto sector’s fundamental values of decentralization and innovation.

Rather of focusing on short-term profits for businesses, tech-focused consulting company EndeavourXR CEO Amy Peck said that the crypto sector should create blockchain-based solutions that help more people.

Peck, speaking at the Web Summit in Lisbon, Portugal, advised Web3 firms to produce engaging products to attract newcomers and embrace a “build-first” mindset.

She voiced her disapproval of the prevalent practice of using Web3 and nonfungible tokens (NFTs) primarily for brand wealth creation, claiming that this practice devalues a sophisticated technology.

Instead of continuing to create a privileged 1%, Peck thinks the crypto business can use blockchain to reimagine economic arrangements, allowing more people to take part.

In order to get the most out of Web3, Peck highlighted certain important things that crypto space entrepreneurs should focus on.

Among these goals is the development of on-chain identification verification, the expansion of data privacy and ownership rights, the integration of blockchain-based assets into practical uses, and the encouragement of involvement in the creative economy.

Peck said that some customers were wary of cryptocurrencies and saw Web3 skeptically when discussing previous industry failures like the FTX crash.

While acknowledging the need of Web3 for bigger businesses, she also mentioned a “Web2.5 center lane” that they could use.

Peck stressed the necessity for a more open data exchange, particularly in view of new technologies that gather biometric data like face recognition and fingerprints, and how blockchain technology can give users more say over and ownership of their data.

While she did acknowledge that Wall Street corporations have an interest in the cryptocurrency market, she cautioned against trying to mold it to match current financial paradigms by focusing on exchange-traded funds (ETFs).

Instead of letting it be controlled by conventional banks, Peck stressed the need of maintaining the crypto sector’s fundamental values of decentralization and innovation.

Finally, Amy Peck emphasized the need of the crypto business putting an end to efforts to exploit Web3 for immediate profit and focusing on creating inclusive blockchain solutions.

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