Russian Social Network VK to Aid NFT Trading and Monetizing

Varuni Trivedi
2 min read
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The NFT hype continues to take over the market as traders, investors, and organizations jump on the NFT bandwagon.

However, the more recent trend has been social media giants catering to their NFT crazed crowds. The Russian social network VKontakte (VK) also recently announced the launch of NFT support for users to monetize content.

VK Jumps On the NFT Craze

VKontakte, one of the most famous Russian social media networks, recently announced that it would support NFTs.

According to media reports published on February 18, the technical director of the platform, Alexander Tobol, revealed in an interview that NFTs would be used to monetize user-generated content and protect copyrights.

That said, Tibol confirmed that VK would not create its blockchain but act as an intermediary and assistant. Furthermore, users will be able to sell NFTs on platforms like OpenSea.

As per data, VK hosted nearly 650 million users as of April 2021; the number would be much higher now. The platform aims to encourage NFTs generation for user content creation and, by extension, their value. Tobol further said:

“Our task is precisely to provide the ability to download content easily, create an NFT token, then place it on the exchange. Our task as the largest service in Russia for interacting with an audience with an incredible amount of user content is to provide it with this opportunity. And then you can trade on various platforms, be it Solanart, OpenSea or any then more stories.”

However, the platform appears to be worried about infringing copyright regarding music and videos. For now, VK will use its existing content ID system to verify the authorship of all downloaded music and videos.

NFTs and Social Media Giants

The Russian social media giant’s entry into the NFT space marks another well-known company’s venture into the NFT market.

Facebook’s Meta rebrand started the trend was then picked up by Twitter, Reddit, and even YouTube. Even OnlyFans, globally famed for its services about adult content, recently launched the ‘verified NFT profile pictures’ feature on the platform.

Twitter, however, was the first to initiate this trend last month when it debuted the NFT profile picture feature on the social media platform for $3. However, the move received bitter-sweet reactions from the industry and slight criticism from people like Tesla Chief Elon Musk.

While the NFT craze continued, the global crypto market didn’t look in very good shape with Bitcoin, Ethereum and other altcoins mostly consolidating.

This article was originally posted on FX Empire

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