CEO of tech consulting firm EndeavourXR Amy Peck has criticised the focus on using Web3 and NFTs solely to create millionaires, stating that this approach is not a meaningful use of the technology.

She suggested a focus on achieving on-chain proof of identity, data autonomy, and linking blockchain-based assets to real-world applications, advocating for concentration on developing blockchain-based solutions that benefit a broader audience.

Following the collapse of FTX and other industry failures, Peck noted that many of her firm's clients are hesitant to engage with crypto. She expressed concerns about potential data misuse, cautioning against the risk of enabling exponential levels of manipulation.

Despite these challenges, interest in both Web3 and non-fungible tokens has been rebounding alongside the renewed enthusiasm for the crypto space.

The popularity of non-fungible tokens has surged since being recognised as zero-valued assets in September, with trading volumes reaching a four-month high last week.

Leading collections have experienced double-digit percentage gains over the past month, with Cryptopunks attracting increased buyers following a notable $US1.1 million purchase of a rare punk by Yuga Labs co-founder Wylie Aronow.

In Web3, cryptocurrency exchange Binance has recently introduced a Web3 wallet for interacting with the decentralised finance (DeFi) ecosystem. This wallet will compete with established platforms such as MetaMask and Trust Wallet, the latter of which was acquired by Binance in 2018.