Between the open letter addressed to the Macron government published on January 9 and their positions clarified during a LinkedIn live two days later, what should be kept of the ideas, proposals or concrete plans expressed by five of the most promising actors in Europe or even in the world. The Web3 Ecosystem?
“Let’s make France a major player in Web3”
This is the title chosen by the authors paper. Talking to their government through the media The Great 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 through tools of public power.
Born out of the reflection sparked by the statements of the delegate of the minister responsible for Digital Transition and Telecommunications, who called, last autumn – shortly before the sinking of FTX – to “make Europe is the largest economic area in the world in structuring and organizing the market for crypto assets and to France is the European center of this ecosystem”, this letter is, in short, a call to make strong decisions in this direction.
Pierre-Nicolas Hurstel, co-founder of Arianee, the standard NFT exchange for the luxury and fashion industry, explained during LinkedIn live that:
If you want to be a Web3 site, you need to be a site where there are Web3 users!
Indeed, France, like many countries with promising FinTech industries, does not have a large enough group of Internet users to foster a dynamic and virtuous ecosystem development process. In economic terms, this simply means that the market is not yet mature, because it lack of customers.
But, continues Pierre-Nicolas:
We are not whining. We are here to bring a positive vision of an extraordinary market opportunity, which responds to positive and ambitious announcements.
His message could not be clearer: the French web3 industry no need for subsidies any from the state; who is she anymore is in favor of its framing by law European Union, in order to protect consumers, especially within the draft law Mika postponed 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 random and yet sensible proposal proposed by Pierre-Nicolas Hurstel, live on LinkedIn from his smartphone, in a taxi passing through Paris. In all seriousness, the Arianee boss pursues her argument that public authorities can provide a real strategic advantage to its Web3 industry to make it a flagship of its economy, simply by digitizing every official and state-recognized document .
According to him, there is also an unstoppable and well-founded logic that would require the digitization of such documents. Digitizing them and then keeping them individually in wallets goes hand in hand advantages offered by blockchain technology : traceability, security, inviolability, immutability, etc. The government can easily adopt this technology and, in the words of the head of Arianee, “create the conditions for a general adoption” of these new technologies. Thus, the French and European ecosystem would have a great advantage.
And Pierre-Nicolas Hurstel to react to a comment suggesting making the vital card an NFT:
Suddenly, more than 20 million French people have access to a wallet
We remember that a blockchain wallet, or cryptocurrency wallet, is the first step into the increasingly diverse world of Web3. Allows users to send, receive and store crypto assets such as ETH or BTC, as well as NFT; it also allows the user to browse DApps (decentralized applications), which are for Web3 what apps like Instagram, Twitter, Amazon or Google are for Web2.
Recognition of digital property rights
Sebastien Borget, head of The Sandbox, a metaverse built on the Ethereum blockchain that allows its users to create, share and monetize the digital goods inherent to the metaverse and its various gaming experiences, focuses on the legal framework that likely to make NFTs and digital property as commonplace as a video game console.
According to Sebastien Borget, knowing this digital property from the legal authorities of the country, as well as from the rights of individuals for this property, it would allow a number of possibilities:
In the same way that the ownership of a physical commodity allows the development of an economy around this type of commodity.
Thus, the development of activities related to NFTs, metaverses and avatars, which in turn generate jobs and capture funds, can flourish like any other industry without having to worry about special statutes that digital assets may have with financial authorities, banks and government.
In addition to his insistence on digital property and the need for the government to decide on the subject, The Sandbox boss recalls a key point of the open letter he co-signed.
Using crypto assets means becoming platform independent, it’s… an architecture where each user owns and controls their dataand where a company cannot build a monopoly by taking over all user data or restricting its use outside of it.
Securing user data has long been a sensitive topic. Despite attempts at regulation such as that of the European Union through heavy fines imposed on Gafam (the record is held by Google which, in 2017, had to pay a fine of more than 2 billion euros), sovereignty digital not yet received.
At this point, Web3, the practices of the individuals that make up this ecosystem as well as the ways of interaction between them, promise significant progress. It is still necessary that an education in its new uses be disseminated.