Russian Social Media Behemoth Vkontakte Announces the Launch of NFT Service

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Vkontakte, the biggest social network in Russia, has introduced a function that enables users to upload digital artifacts to the website. In the future, account holders will also be able to buy and sell them since the business plans to create a market for non-fungible tokens.

Users of Vkontakte Can Display Their NFTs and Make Them Into Avatars

According to information provided by the company, the top social networking platform for Russian-speaking users, Vkontakte (VK), has launched an NFT service and an educational program on non-fungible tokens (NFTs).

At a presentation in Moscow, VK’s CEO Marina Krasnova and Chief Technology Officer Alexander Tobol said that the new features would soon be accessible to all users. Owners of digital collectibles will be able to transfer them to their accounts using the VK NFT option.

The tokens can also be shown in a unique showcase on the profile or used as avatars. You must connect your crypto wallet to your account in order to achieve that. As Krasnova stated, “our objective is to streamline human engagement with NFT and make it truly a mainstream technology.”

Additionally, VK will set up an NFT hub where case studies, market analytics, and news can be shared. According to the source, the platform’s team would use the area to interact with the NFT community, share ideas, and look for possible partners.

To give users the chance to buy and trade collectibles, Vkontakte wants to introduce its own NFT collection in January 2023 and a full-fledged NFT marketplace at a later time. The dominant social network company seeks to incorporate technology into all of its offerings, including games and presents.

The legal framework for crypto assets has been proposed to be expanded by Russian authorities to include additional connected activities and goods. According to a report from July, the Ministry of Economy is drafting revisions to the NFT space regulations. Sber, the biggest bank in Russia, declared its plan to enable the issuance of NFTs on its own blockchain platform in September.

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