[Web Summit 2022] Why Businesses of All Kinds and Sizes Should Step Into the Web3 Space – with Amy Peck

Amy Peck is the founder and CEO at Endeavor XR a leading VR, AR, and XR consulting firm. Amy is a futurist to speak globally on XR, the Metaverse, and emerging tech. Amy works with Fortune 500 companies on XR strategy, digital transformation, and insights into the Matarese.

Sharing her stance on Metaverse and Web 3, Amy thinks defining Metaverse/Web3 with a single definition is not possible but she likes to describe them in simple terms. Amy believes Metaverses are basically 3D websites and Web3 is the internet and the infrastructure for the 3D.

According to Amy, we are in the Web2.5 space at the moment and a lot of companies are starting a business as Web3 native companies but for larger companies, it is not simple to shift to a decentralized construct. She mentioned that she works with her clients not just to move them to the Web3 space but also to ensure they have 3D assets in their business in the Web2.5 space so they can grow in the Metaverse. She likes to call herself a future realist rather than a futurist because she believes in fantasizing about the future and evaluating its needs from it to manifest the plans. Continuing her discussion, Amy talked about how companies can include different 3D assets in their business like packaging or different product lines, and then optimize those assets to be used in augmented reality or virtual reality to find them, manage them, and use them.

Amy stated that businesses of all kinds and sizes are thinking of stepping into the Web3 space. She appreciated Nike for its brave step of pushing the envelope and entering in Web3 space by acquiring a company called Artifact and selling NFT sneakers at one hundred and thirty-four thousand dollars. She does think the scale of Nike’s take on the Metaverse is not for average businesses but it really shows that there’s an appetite for digital goods. She further added that Web3 is an expensive game but why most companies cannot upscale their business to Web3 is because of the strategies they are getting from companies who want them to have their solutions instead of moving to advance solutions.

Amy mentioned that a lot of companies are reaching out to them to step into the Web3 space but they have turned down a fair amount of work because businesses do not have definite goals of what they want from Web3. According to her, companies need to have their goals and needs sorted before thinking about stepping into Web3 because only a great vision can lead to a great future.

Talking about the importance of using simple terms in Metaverse and Web3 she believes everybody needs to be inclusive in the discussion. There are a lot of people out there especially young generation gamers who understand fancy Web3 terms but there’s also a good amount of people who have not heard these terms. She does not want to create the impression that having Web3 knowledge is about being a part of some elite club that people without technical Web3 knowledge cannot be a part of. She stated that people like her who are a part of the industry need to make it accessible for everyone because the more people will understand it, the more people will have an opinion on how to build that landscape and how can we co-create. That’s the beauty of this decentralized construct that all the people get to build it together.

Amy proudly shared that talking about digital identity is her favorite topic and she brings it up every time she is talking to people to motivate them to think about getting their data back. According to her, this is high time to do so because having control of one’s personal data is what Web3 is all about. Having control of their personal data, people can do whatever they want to do with it, and have any type of experience with it. She pushed on the idea that self-sought identity is the cornerstone of the next evolution and individuals must get to purchase or pay the way they like.