Why Instagram and Facebook NFTs Can 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. For the time being, the Metaverse is a pale utopia in search of space and identity. Meta’s decision to land Nft on Facebook and Instagram is headed 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 for political propaganda purposes without their consent. Same year. Facebook allows Netflix and Spotify to read private messages on Messenger chats, Amazon to get usernames and contact information. 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 Facebook’s advertising and business product team denounces the social network’s inability to account for most users’ personal information. Our data, on Facebook, now Meta, is not secure.

What are we risking by loading NFTs?

Under these circumstances, uploading non-fungible tokens (blockchain certificates confirming the authenticity of works or digital assets) on Meta’s platforms may not be secure. In fact, to do this you need to share your digital wallet, an electronic payment tool that stores virtual versions of debit and credit cards. Following the logic of the transparent and traceable blockchain, typical of NFTs, by linking the wallet to their account, anyone can see what’s inside. Basically, in addition to the historical data it already has, Meta acquires additional information from portfolios uploaded by users looking 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 adjusted if it concerns all 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 General Data Protection Regulation (GDPR) of the European Union, the user has the right to delete personal data when it is no longer necessary, to request correction of incorrect information and to restrict the processing or use of personal data . Every point is incompatible with the DNA of the NFT. Not only. Extending Web3’s mechanisms to the general public also carries the risk of unconscious errors. Poorly secured passwords, risky purchases and the skill level of those dealing with NFTs can present a new problem. Scams in the cryptocurrency world will certainly benefit from this. In the past year, NFTs worth more than $100 million have been stolen. The keys to a world already worth billions of dollars are 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 clearly spoken, he wants to make NFTs a mass phenomenon, rip them from the fringes of the internet and bring them to mainstream platforms. On the other hand, they were born to belong to the metaverse. Inactive virtual worlds, where our avatars interact, and where the economy takes its new place in the digital ether. They are ultimately a way of shopping in the Metaverse. And everything has no value unless it can be bought. In short, they serve to make the utopia of a virtual world less pale. But at what price.

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