Russian Social Media Giant Vkontakte explores blockchain and NFT Tech

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The hype around NFTs won’t be ending anytime soon as investors, organizations, and traders continue to venture into the NFT scene. 

Looking at the trends in the NFT space, social media giants yielding to their NFT crazed clients seems to be the latest trend. Now, VKontakte (VK), the Russian social network has also announced the release of NFT support to help users monitor their content. 

VK Jumps On the NFT Craze

Just recently, VKontakte, one of the top social media networks in Russia announced that it would be supporting NFTs on its platform. According to reports, Alexander Tobol, the technical director of VKontakte during an interview affirmed that the platform will use NFTs to monetize content generated by users while also protecting their copyrights. 

Tobol went further to say the VK will be acting as an assistant and intermediary and would not be creating its blockchain. Again, users via the platform will be able to sell their NFTs similar to OpenSea. 

According to data available, VK hosted about 650 million individuals as of April 2021. Certainly, the number would have increased by now. Hence, VK is looking to facilitate NFT minting for content creation by users as well as for their values. 

Tobo affirmed that VK aims to offer users easy smooth access to users so they can easily download content, create NFTs and then upload it on the platform. With that, users will be able to trade on different platforms such as OpenSea and Solanart.

However, VKontakte seems to be concerned about copyright as regards videos and music. So for now, the platform will make use of its prevailing ID system to validate authorship of all videos and music downloaded. 

NFTs and Social Media Giants

VKontakte’s entry into the NFT scene marks another top social media giant venturing into the space. 

The whole trend was kicked off by Facebook after it rebranded to Meta, then followed by Twitter, YouTube, and Reddit. In fact, OnlyFans, a platform globally recognized for its don’t content services just launched a feature dubbed the ‘verified NFT profile pictures on the platform. 

On the other hand, Twitter was the first platform to initiate the trend last month debuting the NFT profile picture for a cost of $3. However, the reaction to this development was bitter-sweet from the community as individuals like Elon Musk criticized the move. 

Meanwhile, as the hype around the NFT market continues, the global crypto market continues to consolidate while Ethereum and Bitcoin don’t look to be in good shape.