Russia’s most popular social networking site is Vkontakte, now it intends to join the NFT world. The ‘Russian Facebook’ is used by around 70 million users researching the use of blockchain technology and NFTs.
As NFTs and blockchain technology gain popularity, many businesses are looking for methods to integrate them into their current systems. It is a huge platform in Russia that was established in 2006. In reality, Vkontakte is the nation’s second most visited website, behind only Yandex, the search engine portal.
In an interview with Vesti, Vkontakte Technical Director Alexander Tobol discusses entering the NFT and Blockchain space. He claims that “It is easy to create an NFT, then list it on an exchange. And here, our task as the largest service in Russia for interaction with [an] audience, with an incredible amount of user-generated content, is to provide this opportunity.”
Trying to join NFT world will open up a large opportunity for the 60 million active users to create, acquire, and trade NTFs. Vkontakte intends to harness both NFT and blockchain technology in order to monetize user-generated content and protect copyrights.
Meanwhile, Vkontakte will continue to use its current Material ID system to verify the authorship of any material, therefore eradicating scams, fraud, and forgeries. As a consequence of this change, customers will be more inclined to use the technology. It is undeniably exciting to see a huge company such as Vkontakte enter the NFT sector.