Russian Social Media Network Vkontakte to Introduce NFT Support

Russia’s largest societal media network, Vkontakte, has announced it’s going to present enactment for blockchain and NFTs. The crypto technologies volition beryllium incorporated into the platform’s strategy for monetization of idiosyncratic contented and copyright protection.

Vkontakte to Facilitate Use of Non-Fungible Tokens

The starring Russian societal media platform, Vkontakte, intends to utilize blockchain exertion and non-fungible tokens (NFTs), the company’s Technical Director Alexander Tobol unveiled successful a caller interrogation with Vesti.

Both volition go portion of a acceptable of tools for monetizing user-generated contented and protecting copyrights, the enforcement explained. An NFT, Tobol elaborated, is simply a integer certificate of uniqueness, ensuring it’s intolerable to forge the contented which is guaranteed by an introduction into a distributed ledger.

Tobol further emphasized that Vkontakte is not preparing to make its ain blockchain. The fashionable societal media web intends to enactment arsenic an intermediary and assistance successful its implementation. He further elaborated:

It is casual to make an NFT, past database it connected an exchange. And here, our task arsenic the largest work successful Russia for enactment with [an] audience, with an unthinkable magnitude of user-generated content, is to supply this opportunity.

The planetary marketplace for non-fungible tokens has been estimated to beryllium betwixt $20 cardinal and $35 cardinal a year, and the forecast for 2025 stands astatine astir $80 billion, Vesti points out. The study notes, however, that the main occupation associated with NFTs is fraud.

Opensea, the largest integer creation marketplace, has acknowledged that implicit 80% of each NFTs created utilizing its escaped instrumentality are either fake oregon represent plagiarism. Citing akin reasons, different NFT marketplace, Cent, has altogether suspended the trading of photograph and audio NFTs.

To code the issue, Vkontakte volition besides usage its existing Content ID strategy for verification of authorship of each downloaded euphony and video content, some wrong the societal web and successful the databases of the world’s largest labels.

Vkontakte’s determination comes after, successful January, reports revealed that Facebook’s proprietor Meta is preparing to let users of the world’s starring societal media web to make and merchantability NFTs. The program is portion of efforts to pat into the increasing marketplace of integer collectibles.

What bash you deliberation astir Vkontakte’s determination to present enactment for NFTs? Let america cognize successful the comments conception below.

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