Web3 has immense potential, but focusing narrowly on getting rich quick schemes does the technology a disservice, according to EndeavourXR CEO Amy Peck.
Speaking at Lisbon’s Web Summit, Peck said rather than brands launching NFT projects as “just another money grab”, the industry should build solutions that empower regular people through decentralization. She highlighted opportunities like digital identity, data ownership, transparency, and creator economy participation.
“This is an infinite landscape. The money’s going to be there, right? Let’s build a better bread box,” Peck urged.
Peck warned that short-term cash grabs risk tarnishing Web3’s reputation following debacles like FTX. She said many clients now see “Web3 as all shenanigans.”
Instead, Peck advocates for a “build-first mentality” creating products that solve real problems and welcome newcomers. This includes data ownership as devices collect more biometric data, which Peck said allows outside firms to “know more about us than we know” enabling “exponential” manipulation.
While Peck welcomes Wall Street’s growing Web3 interest, she worries firms will twist its ethos to resemble existing systems.
Web3 has much to offer, but the focus must shift to benefit over wealth creation. The mantra should be inclusion first, fortune second.
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