Vkontakte, Russia’s Largest Social Media Network With Over 100M Users To Support NFTs

Vkontakte, Russia‘s largest social networking site, has revealed intentions to use non-fungible tokens (NFTs) and blockchain technology in its operations.

According to Vesti.ru, the social network giant announced that the two technologies would be used to monetise user-generated content while also preserving copyright.

According to Vkontakte’s technical director Alexander Tobol, the company will not construct its own blockchain but would instead operate as a middleman in the execution of the NFT and blockchain initiative.

Tabol added:

“It is easy to create an NFT, then list it on an exchange. And here, our task as the largest service in Russia for interaction with [an] audience, with an incredible amount of user-generated content, is to provide this opportunity,”

According to Tabol, the introduction of NFTs is a worldwide answer for writers because the technology requires an assurance of uniqueness and copyright in different nations.

The development follows the discovery of copied content on the NFT markets. VKontakte seeks to implement a content ID system to validate the intellectual property of all uploaded music and video material in order to prevent counterfeits.

Concerns about NFT plagiarism arose after the OpenSea marketplace reported that 80% of NFTs generated for free on the site are copied. In other news, the Cent marketplace has prohibited photo and audio NFTs due to a huge amount of counterfeit goods.

Vkontakte’s attempt comes on the heels of reports that social media giant Meta is also preparing to integrate NFT functionality to Facebook and Instagram.

The social network’s move to the blockchain industry comes as Russia struggles to develop a crypto legal framework.

Notably, different government agencies have contradictory views on how to regulate the sector.   President Vladimir Putin has called on top governmental agencies to strike a deal on the future of cryptocurrencies.

Although the country’s central bank has called for the abolition of cryptocurrencies, government analysts estimate that if the industry is regulated, Russia might earn 1 trillion rubles ($13 billion) every year from the crypto market.

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Patrick

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