Why NFTs on Instagram and Facebook could be a problem

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 aims to find space and identity. Meta’s decision to land Nft on Facebook and Instagram goes in that direction, and this 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 get usernames and contact details. In 2021, 533 million phone numbers and personal data were stolen and put up for sale on a hacker forum. This year, the report written by the privacy engineers of the Facebook Ad and business product team denounces the social network’s inability to take into account the majority of users’ personal information. Our data, on Facebook, now Meta, are not safe.

What do we risk by loading NFT?

Under these conditions, the uploading of non-fungible tokens (blockchain certificates attesting the authenticity of digital works or resources) on Meta’s platforms may not be secure. To do this, in fact, you need to 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 the wallets uploaded by users who want to post, sell or buy NFTs.

There are other problems as well

Personal data in a blockchain can be stored indefinitely. They last forever. Furthermore, the information can only be changed 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 they are no longer needed, to request the rectification of incorrect information and to limit the processing or use. of personal data. Each point is incompatible with the DNA of the NFT. Not only. By extending the mechanics of Web3 to the general public, there is also the risk of an unconscious error. Poorly protected passwords, risky purchases, the skill level of those who manage NFTs could represent a new problem. Scams in the world of cryptocurrencies 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 handed over to non-experts.

The co-optation of NFTs by major technology platforms comes as no surprise. Web 2 follows the smell 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. Non-operational virtual worlds, where our avatars interact and where the economy occupies its new place in the digital ether. Ultimately they are a way to shop in the Metaverse. And everything has no value if it cannot be purchased. In short, they serve to make the utopia of a virtual world less pale. But at what cost.

Leave a Comment