Business, News, NFT

Vkontakte Russia’s Leading Social Media Platform decides to Support NFTs

Vkontakte Russia

Vkontakte, Russia’s Largest social media platform has declared support for Blockchain and NFTs. These Cryptocurrency technologies will be used to monetize user content snd for copyright protection.

The most popular and leading social media platform, Vkontakte tends to use Blockchain technology and NFTs ( Non-Fungible Tokens) the Technical Directors of Vkontakte, Alexander Tobol said in a recent interview with Vesti.

Vesti and tobol will become part of a suite of tools to monetize user-generated content and protect copyright an official spokesman of Vkontakte said. “NFT is a digital certificate of uniqueness that guarantees that it is impossible to forge the content, guaranteed by an entry into a distributed ledger.

Furthermore, Tobol said that Vkontakte will not prepare to develop its own blockchain. The purpose of the platform is just to act as an intermediary and help with its activation. He further explained.

It’s easy to create an NFT and then list it on an exchange. And here in Russia our task as the largest social media service, for interacting with an audience with an incredible amount of user-generated content, is to provide this opportunity.  

The world market for non-fungible tokens is been estimated at $25- $35billion per year. This will be $80 billion in 2025, Vesti says. However, the main problem related to NFTs is fraud. Most NFT creating platforms have limited their NFT creating activities due to fake and plagiarized NFTs.

As an answer to this issue, Vkontakte will use its existing Content ID system to verify the ownership of all downloaded music and video content both within the social network and in the database of the world’s largest labels.

Vkontakte’s this move comes with the Facebook Meta Strategy. When Facebook revels about Meta and its preference to accept NFTs and sell NFT boosted Vkontakte’s NFT strategy. 

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