According to media reports published on February 18, the Russian social network VKontakte has declared that it will enable NFTs. Alexander Tobol, the platform’s technical director indicated that NFTs would be used to commercialize user-generated content. Then, and safeguard copyrights.
He also clarified that VK will not construct its own blockchain. But would instead operate as a facilitator and assistance.
VK is Russia’s most popular social networking platform, with almost 650 million users as of April 2021. The goal appears to be to get NFTs to stimulate the creation of user content and, as a result, the value derived from it.
When it comes to music and videos, the site appears to be concerned about copyright infringement.
VK will verify the authorship of every downloaded music and movies using its existing content ID system.
According to Tobol, the VK’s NFT solution will ensure that copyright regulations are followed.
VK’s foray into the NFT arena is yet another well-known corporation interested in collaborating with NFTs.
This tendency has been building up steam in recent months, though not without opposition.
The gaming industry, in particular, has been seeking for ways to include NFTs into their business model, as video games are an excellent way to do so.
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