Non-fungible tokens can be published on Instagram and Facebook, here are the risks associated with the phenomenon.
A decentralized future, halfway between a deus ex machina and a Ponzi scheme. The Metaverse, for now, is a pale utopia that sets out to find space and identity. Meta’s decision to land Nft on Facebook and Instagram goes in that direction, and that could be a problem.
In 2018, the Facebook-Cambridge Analytica data scandal. The personal data of 87 million accounts is used without their consent for political propaganda purposes. Same year. Facebook allows Netflix and Spotify to read private messages on Messenger chats, Amazon to obtain user names and contact details. In 2021, 533 million phone numbers and personal data were stolen and offered for sale on a hacker forum. This year, the report written by the privacy engineers of Facebook’s Ad and business product team denounces the social network’s inability to take into account most of the users’ personal information. Our data, on Facebook, now Meta, is not safe.
What do we risk by loading NFTs?
Under these conditions, uploading non-fungible tokens (blockchain certificates that attest to the authenticity of works or digital assets) on Meta’s platforms may not be secure. To do this, in fact, you must share your digital wallet, an electronic payment tool that stores virtual versions of debit and credit cards. According to the logic of the transparent and traceable blockchain, typical of NFTs, by associating the wallet to their account, everyone can see what it contains. In short, Meta, in addition to the historical data it already has, acquires additional information from wallets uploaded by users who want to post, sell or buy NFT.
There are also other problems
Personal data in a blockchain can be stored indefinitely. They last forever. In addition, the information can only be modified if it concerns all the blocks and the data entered is public and can be consulted by all participants. However, it is not certain that a user has indicated that such data can be accessed. In accordance with the GDPR (General Data Protection Regulation) of the European Union, the user has the right to delete personal data when it is no longer necessary, to request the correction of incorrect information and to limit the processing or the use of personal data. Each point is incompatible with the DNA of the NFT. Not only. By extending the mechanisms of Web3 to the general public, there is also the risk of unconscious error. Poorly protected passwords, risky purchases, the skill level of those who handle NFTs could represent a new problem. Scams in the cryptocurrency world will certainly benefit from this. Over the past year, NFTs worth over $100 million have been stolen. The keys to a world that is already worth billions of dollars are being handed over to non-experts.
The co-option of NFTs by major technology platforms is not surprising. Web 2 follows the scent of money, and Meta has spoken clearly, he wants to make NFTs a mass phenomenon, snatch them from the peripheral recesses of the internet, bring them to mainstream platforms. On the other hand, they were born to belong to the metaverse. Inoperative virtual worlds, where our avatars interact, and where the economy occupies its new place in the digital ether. They are ultimately a way to shop in the Metaverse. And everything has no value unless it can be bought. In short, they serve to make less pale the utopia of a virtual world. But at what cost.
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Why NFTs on Instagram and Facebook Could Be a Problem
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