Russian Social Media Network Vkontakte to Introduce NFT Support – Vkontakte, Russia’s largest social media network, has stated that it will support blockchain and NFTs. The platform’s plan for monetization of user content and copyright protection will include crypto technology.
Vkontakte, Russia’s most popular social networking platform, plans to use blockchain technology and non-fungible tokens (NFTs), according to the company’s Technical Director Alexander Tobol, who spoke with Vesti recently.
According to the CEO, both would be part of a collection of tools for monetizing user-generated content and protecting copyrights. Tobol explained that an NFT is a digital certificate of uniqueness that ensures that the content verified by a distributed ledger record cannot be forged.
Also Read: Veteran Trader Peter Brandt Warns Bitcoin’s Price Corrections Can Be Lengthy
Vkontakte is not planning to establish its own blockchain, according to Tobol. The prominent social networking platform plans to act as a go-between and help with the implementation.
He went on to explain:
It’s simple to make an NFT and then list it on a stock exchange. And it is our responsibility as Russia’s largest service for audience interaction, with an amazing volume of user-generated material, to provide this chance.
According to Vesti, the worldwide market for non-fungible tokens is worth between $20 billion and $35 billion each year, with a forecast of roughly $80 billion by 2025. However, the biggest issue with NFTs, according to the research, is fraud.
Over 80% of all NFTs generated with Opensea’s free program are either fake or plagiarized, according to the world’s largest digital art marketplace. Cent, another NFT marketplace, has completely stopped selling photo and audio NFTs for similar reasons.
Also Read: Elon Musk Reveals Dogecoin Will Be Accepted at Tesla’s New Futuristic Diner
Vkontakte will also use its existing Content ID system to verify authorship of all downloaded music and video content, both within the social network and in the databases of the world’s largest labels, in order to address the problem.
Vkontakte’s decision follows allegations in January that Facebook’s owner Meta is planning to let users of the world’s most popular social media network to produce and sell NFTs. The strategy is part of an effort to tap into the burgeoning digital collectibles sector.