Russian Social Media Giant Vkontakte Introduces NFT Service
Russia’s largest social media network, Vkontakte, has introduced a new feature allowing users to upload digital collectibles to the platform. All the account holders will be able to buy and sell the NFTs in the future. The company intends to establish a marketplace for non-fungible tokens.
Vkontakte Users Can Showcase Their NFTs and Set Them as Avatars
The leading social media network for
the Russian-speaking people, Vkontakte (VK), has introduced an NFT service along with
an educational course on non-fungible tokens (NFTs), the crypto page of the
Russian business news portal RBC has reported, quoting company sources.
VK’s CEO Marina Krasnova and Chief
Technology Officer Alexander Tobol announced that the new features will be
available to all users within a few days during a presentation in Moscow. The
VK NFT option will allow owners of digital collectibles to transfer them to
their accounts.
The tokens can also be employed as
avatars or presented in a special showcase in the user profile by linking the
crypto wallet to the account. "Our task is to simplify user interaction
with NFT and make it truly a mass technology," Krasnova said.
Plans to Establish an NFT Hub
VK has plans to establish an NFT hub
where news, announcements, market analytics, and case studies can be shared.
The platform’s team will use the space to communicate with the NFT community,
exchange ideas, and search for potential partners, the report explained.
Vkontakte plans to launch its NFT
collection in January 2023 and a full-fledged NFT marketplace at a later stage
to offer users the opportunity to purchase and resell collectibles. The social
media giant hopes to integrate the technology into other products, such as
gaming and gifts.
Russian authorities have been mulling
over proposals to expand the legal framework for crypto assets to cover more
such activities and products. A report in July revealed that the
Ministry of Economy is working on amendments to regulate the NFT space. In
September, Russia’s largest bank, Sber, announced its intentions to allow users of its
proprietary blockchain platform to issue NFTs.
Do you expect the Russian NFT market
to expand? Please post your comments.
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