Russia’s largest social media network, VKontakte announced that they will introduce blockchain and NFT support. This carries an indication that crypto technology will be implemented into the platform for the purpose of monetizing user content and copyright protection.
The company’s Technical Director Alexander Tobol announced this in a recent interview with Vesti. Both NFT and crypto will be part of the financial tools for consumers and copyright protection. NFT will be adopted as a unique digital certificate.
Tobol further noted that Vkontakte is not yet ready to develop their own blockchain. Popular social media networks intend to act as intermediaries and assist in its implementation.
The global market for NFT has been estimated to be between $ 20 billion and $ 35 billion a year, and the forecast for 2025 will be around $ 80 billion. Yet many of them are built on false foundations.
OpenSea, the largest digital art marketplace, has acknowledged that more than 80% of all NFTs created using free tools are either fake or involved in plagiarism. To address this, VKontakte will also use the existing content ID system to verify the owners of downloaded music and video content, both on social networks and in databases.
Vkontakte’s move comes following a January report that revealed that Meta is preparing to allow users of the world’s leading social media network to create and sell NFT. The plan is part of an effort to capitalize on the growing digital collective market.
