VKontakte, Russian Social Media Giant, Introduces NFT Service

| Updated
by Bhushan Akolkar · 2 min read
VKontakte, Russian Social Media Giant, Introduces NFT Service
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Users of VKontakte can show these tokens in the form of avatars or in a special showcase in the profile by linking their crypto wallets to their accounts.

Social media platforms worldwide have been adopting non-fungible tokens (NFT) and VKontakte, the largest social media network in Russia, has joined the bandwagon. As per the latest details, VKontakte will allow users to upload their digital collectibles to the platform.

Additionally, account holders on VKontakte will also be able to buy and sell them in the future as the company is willing to soon establish a marketplace for non-fungible tokens (NFTs). As per the local news reports, the platform has also introduced an NFT service along with educational courses on NFTs.

During a presentation in Moscow, 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. Using the VK NFT option, owners of digital collectibles will be able to transfer them to their accounts.

Users can show these tokens in the form of avatars or in a special showcase in the profile. However, to do that, they need to link their crypto wallets to their accounts. “Our task is to simplify user interaction with NFT and make it truly a mass technology,” Krasnova commented.

VKontakte to Have an NFT Hub

Russia’s largest social media platform VKontakte said that they would launch their NFT collection in January 2023. In the later stage, they also plan to launch a full-fledged NFT marketplace to offer users an opportunity to purchase and resell collectibles.

VKontakte is planning to integrate the NFT tech into some of its other products including gaming and gifts. The social media platform added that they want to create an NFT hub featuring announcements, news, market analytics, as well as case studies. VKontakte said that its team will use this space to communicate ideas with the NFT community and search for potential partners.

In order to cover more related activities and products, Russian authorities have been working simultaneously to expand the legal framework. In order to regulate the NFT space, Russia’s Ministry of Economy has been working on amendments.

Earlier this year, one of Russia’s largest banking institutions – Sberbank – announced that it would allow its clients to mint their own NFTs on the Sberbank blockchain platform.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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