What to remember from the open letter from the bosses of French Web3 to their government?

1673554229 581 What to remember from the open letter from the bosses

Between the open letter to the Macron government published on January 9 and their positions clarified during a live LinkedIn two days later, what should be retained from the ideas, proposals or concrete plans expressed by five of the most promising actors in the European or even global Web3 ecosystem?

“Let’s make France a major player in Web3”

This is the title chosen by the authors of the letter. Speaking to their government through the media The Big WhaleSébastien Borget (The Sandbox), Pascal Gauthier (Ledger), Pierre-Nicolas Hurstel (Arianee), Nicolas Julia (Sorare) and Frédéric Montagnon (Arianee) call for more to be done to support the Web3 ecosystem, and in particular via the tools of public power.

Born from the reflection aroused by the declarations of the Minister Delegate in charge of the Digital Transition and Telecommunications, who called, last autumn – shortly before the sinking of FTX – to “make Europe the world’s largest economic zone in the structuring and organization of the market for crypto assets and of France the European hub of this ecosystem.”, this letter is in short a call to take strong decisions in this direction.

Pierre-Nicolas Hurstel, co-founder of Arianee, the benchmark NFT exchange for the luxury and fashion industries, explained during the LinkedIn live that:

If you want to be a land of Web3, you have to be a land where there are Web3 users!

Indeed, France, like many countries with promising FinTech industries, does not have a large enough pool of Internet users to trigger a dynamic and virtuous process of ecosystem development. In economic terms, this simply means that the market is not yet mature, because it lack of consumers.

But, continues Pierre-Nicolas:

We are not moaning. We are here to bring a positive vision of an incredible market opportunity, which responds to positive and ambitious announcements.

Its message could not be clearer: the French web3 industry does not need subsidies any on the part of the State; who is she anymore is in favor of its being framed by law European Union, in order to protect consumers, in particular within the framework of the bill Mica pushed by France when it held the presidency of the European Council, the effects of which will come into force in 2024 – 2025.

Digitize the gray card”

This is the fortuitous and nevertheless sensible proposal proposed by Pierre-Nicolas Hurstel, live on LinkedIn from his smartphone, in a taxi crossing Paris. Very seriously, the boss of Arianee pursues her argument according to which the public authorities could provide a real strategic advantage to her Web3 industry in order to make it a flagship of her economy, simply by digitizing any official document and recognized by the state.

According to him, there is also an unstoppable and well-founded logic that would require the digitization of such documents. Their digitization and subsequently their individual holding in wallets goes hand in hand with the advantages offered by blockchain technology : traceability, security, inviolability, immutability, etc. The government could quite easily appropriate this technology, and, in the words of the boss of Arianee, “create the conditions for a general takeover” of these new technologies. Thus the French and European ecosystem would have a major advantage.

And Pierre-Nicolas Hurstel to react to a comment which suggests making the vital card an NFT:

Suddenly, more than 20 million French people have access to a wallet

Recall that a blockchain wallet, or cryptocurrency wallet, is the first step into the ever more varied world of Web3. It allows the user to send, receive and store crypto assets such as ETH or BTC as well as NFTs; it also allows its user to browse DApps (decentralized applications), which are to Web3 what applications like Instagram, Twitter, Amazon or Google are to Web2.

Recognition of the right to digital property

Sebastien Borget, boss of The Sandbox, a metaverse built on the Ethereum blockchain that allows its users to create, share and monetize digital goods intrinsic to the metaverse and its various gaming experiences, focuses on the legal frameworks likely to make NFTs and digital property as common as a video game console.

According to Sebastien Borget, the recognition of this digital property by the legal authorities of the country, as well as the rights of individuals to this property, would allow a range of multiple possibilities:

In the same way as the ownership of a physical good allows the development of an economy around this type of goods.

Thus the development of activities related to NFTs, metaverses and avatars, which in turn produces work and captures funding, could flourish like any other industry, without having to worry about special statutes that digital assets might have with financial authorities, banks and government.

In addition to his insistence on digital property and the need for the government to rule on this subject, the boss of The Sandbox, recalls an essential point of the open letter which he co-signed.

Using crypto assets means becoming independent of platforms, it’s… an architecture where each user owns and controls their dataand where a company cannot build a monopoly by getting its hands on all user data or limit its use outside it.

Securing user data has long been a sensitive subject. Despite attempts at regulation such as that of the European Union via heavy fines imposed on Gafam (the record being held by Google which, in 2017, had to pay a fine of more than 2 billion euros), the sovereignty digital is not yet acquired.

On this point, the Web3, the practices of the individuals who make up this ecosystem as well as the modes of interaction between them, promise considerable progress. It is still necessary that an education in its new uses be dispensed.

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What to remember from the open letter from the bosses of French Web3 to their government?

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