Vkontakte, the Russian social media giant, introduces the NFT service
Users of Vkontakte can display these symbols in the form of avatars or in a special showcase in the profile by connecting their crypto wallets to their accounts.
Social media platforms worldwide have adopted non-fungible tokens (NFT) and Vkontakte, the largest social media network in Russia, has joined the bandwagon. According to the latest details, Vkontakte will allow users to upload their digital collectibles to the platform.
In addition, account holders on Vkontakte will also be able to buy and sell them in the future, as the company is soon willing to establish a marketplace for non-fungible tokens (NFT). According to the local news reports, the platform has also introduced an NFT service along with educational courses on NFTs.
During a presentation in Moscow, VK CEO Marina Krasnova and Chief Technology Officer Alexander Tobol announced that the new features will be available to all users within a few days. By using the VK NFT option, owners of digital collectibles will be able to transfer them to their accounts.
Users can display these symbols in the form of avatars or in a special showcase in the profile. To do so, however, they need to link their crypto wallets to their accounts. “Our mission is to simplify user interaction with NFT and make it truly a mass technology,” commented Krasnova.
Vkontakte to have an NFT hub
Russia’s largest social media platform Vkontakte said it would launch its NFT collection in January 2023. At the later stage, it also plans to launch a full-fledged NFT marketplace to offer users an opportunity to buy and resell collectibles.
Vkontakte plans to integrate the NFT technology into some of its other products, including games and gifts. The social media platform added that it wants to create an NFT hub with announcements, news, market analysis, as well as case studies. Vkontakte said its team will use this space to communicate ideas with the NFT community and search for potential partners.
To cover more related activities and products, the Russian authorities have worked simultaneously to expand the legal framework. In order to regulate the NFT area, Russia’s Ministry of Economy has worked on changes.
Earlier this year, one of Russia’s largest banking institutions – Sberbank – announced that it would allow its customers to create their own NFTs on the Sberbank blockchain platform.
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Bhushan is a FinTech enthusiast and has a keen flair for understanding the financial markets. His interest in economics and finance draws attention to the emerging markets of blockchain technology and cryptocurrency. He is continuously in a learning process and stays motivated by sharing his acquired knowledge. In his spare time, he reads thriller novels and sometimes explores his culinary skills.
