Why NFTs on Instagram and Facebook Can Be a Problem

Non-fungible tokens can be published on Instagram and Facebook, here are the risks associated with the event.

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 put 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 were used without permission for political propaganda purposes. Same year. Facebook allows Netflix and Spotify to read private messages in Messenger chats, Amazon to get usernames and contact details. In 2021, 533 million phone numbers and personal data were stolen and offered for sale on a hacker forum. This year, a report written by privacy engineers in Facebook’s Ad and business product group criticized the social network’s inability to take into account most of users’ personal information. Our data, on Facebook, now Meta, is not safe.

What is our risk by loading NFTs?

Under these conditions, the uploading of non-fungible tokens (certificates on the blockchain that prove the authenticity of works or digital assets) on Meta platforms may not be safe. 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, most of the NFTs, by associating the wallet with their account, everyone can see what it contains. In short, Meta, in addition to the historical data it already has, gets more information from wallets uploaded by users who want to post, sell or buy NFT.

There are also other problems

Personal data on a blockchain can be stored forever. They last forever. In addition, the information can only be changed if it relates to all blocks and the data entered is public and can be consulted by all participants. However, it is not certain that a user indicates 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 no longer needed, to request the correction of incorrect information and to limit the processing or use of personal data. Every point is inconsistent with the NFT’s DNA. Not only. By extending Web3 mechanisms to the general public, there is also the risk of unconscious error. Poorly protected passwords, risky purchases, the level of expertise of those managing NFTs can represent a new problem. Scams in the cryptocurrency world will definitely benefit from this. Last year, NFTs worth more than $100 million were stolen. The keys to a world worth billions of dollars have been handed over to non-experts.

The cooperation of NFTs with major technology platforms is not surprising. Web 2 follows the scent of money, and Meta is clear, 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. This is finally a way to shop 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 cost.

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