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Russian social network VKontakte announces NFT features

VKontakte (VK) is a Russian social network. A few days ago, on February 18, VK announced that it will start supporting NFTs. NFTs are unique cryptographic tokens. Unlike Bitcoin, which can be traded for other Bitcoin and has the same thing, NFTs are not fungible and represent a single trading card. NFTs are sold online in the form of videos, art, music, in-game items, and so on.

In that case, NFTs would be used to protect copyright and monetize user-generated content. Alexandrar Tobol the technical director of the platform. He mentions that this is just a help and will not create his own new blockchain.

Currently, Vkontakte has more than 650 million active users. This makes it the most popular social networking service in Russia. Tobol said that NFTs offer guaranteed copyright and originality in different countries.

Increase the value of the content that is provided

NFTs exist to help increase content creation by their users. They believe that the value generated from them, by extension, will also be greatly encouraged. To verify content that has been downloaded, such as music and videos, users would need to provide identity verification. This will be of great help in terms of stopping NFT scams.

After purchasing NFTs, users will be able to use and sell them on different platforms such as Solanart and OpenSea. These platforms represent NFT markets.

About 80% of NFTs minted for free were copied on the leading NFT market, OpenSea. Market executive Cameron Hejazi tried to limit the number of NFTs that could be minted. However, this decision was criticized by users and he reversed it.

NFTs as part of many social networks

Facebook owner Meta also announced that it will allow its users to create and sell NFTs. The developers of Meta platforms are preparing a feature that will allow Instagram and Facebook users to display their collected NFTs on their pages.

Bored Ape Yacht Club and Cryptopunks are exclusive and expensive NFT collections. The pieces that users purchased from these two collections were usually posted as a profile picture on their Twitter profile. Represents and signals your online stature. Many content creators are already selling their TikTok and Youtube videos, Tweets, Instagram posts and so on. An early example of selling NFTs was a tweet made by Twitter CEO Jack Dorsey. It sold for nearly 3 million dollars.

The possibilities are endless. Content creators can start selling limited edition copies of the content they are creating. These could represent some of your iconic moments or just everyday things.

If creators want to make NFTs, it is necessary that you have a cryptocurrency wallet and have some cryptocurrency in it. This is required to pay transaction fees.

Your capital is at risk.

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About the author


I am CBC, I am a Crypto expert and a part-time blogger. I usually write about how and where to buy crypto coins in legit ways.

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