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Vkontakte, Russia’s biggest social media company, has stated that it would embrace blockchain technology and NFTs. Crypto innovation will be infused into the company’s plan for copyright protection and monetizing user content.
Support For NFTs on Vkontakte
In a discussion with Vesti, the Technical Director of Vkontakte, Alexander Tobol, informed the public of the company’s intention to add NFTs and blockchain support on its platform.
According to Tobol, both innovations would be part of a collection of technological tools that will be used for marketing consumer content and safeguarding copyrights. Tobol said that an NFT is an electronic certificate of authenticity that ensures the information verified on the blockchain cannot be forged.
Furthermore, he explained that Vkontakte is not planning to establish a private blockchain. The prominent social networking platform plans to act as a negotiator and help with the implementation. Tobol went on to explain:
“It’s simple to make an NFT and then register it on a stock exchange. And it is our responsibility as Russia’s largest social media firm, with an amazing volume of user-generated material, to give this chance.”
Issue Of Fraud
As noted by Vesti, the worldwide market for NFTs is worth around $20 billion – $35 billion each year, with a projection of roughly $80 billion by 2025. However, the biggest issue with NFTs, according to the report, is fraud.
Virtually 80% of NFTs generated with Opensea’s free program are either counterfeits or plagiarized, according to the largest global market for digital art, Opensea. Cent, another market for NFTs, has completely stopped selling picture and audio NFTs for the same reasons.
To combat the issue of fraud, Vkontakte will employ its current Material ID system to verify the authenticity of every downloaded content on its platform and large databases of top labels in the world.
Vkontakte’s decision follows after rumors emerged in January that Meta is planning to let users produce and trade NFTs. The strategy is an attempt to break into the rising digital collectibles industry.
NFT Support On Other Social Platforms
Earlier this year, Financial Times reported that Meta, the company that owns Instagram and Facebook, is planning to enable non-fungible tokens (NFTs) to be posted on its social media platforms, as well as the creation and exchange of crypto assets on a new market. Furthermore, the company plans to make it possible for users to “mint” their NFTs using a system model that would produce the tokens required to transform a simple picture file into a digital asset.
In January, Twitter rolled out a feature that would allow its online community to display their non-fungible tokens (NFTs) – which they have to verify ownership of before they can use it as a display picture. This feature will only be available to users on Twitter Blue subscription using iOS devices. The social media giant announced that the feature will be available for web and android users later in the year. Although only iOS Twitter users can use the feature presently, it will be visible to everyone on the platform.
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