Russia’s largest social media network, Vkontakte, has announced it’s going to introduce support for blockchain and NFTs. The crypto technologies will be incorporated into the platform’s scheme for monetization of user content and copyright protection.
Vkontakte will also use its existing Content ID system for verification of authorship of all downloaded music and video content, both within the social network and in the databases of the world’s largest labels.
Technical Director Alexander Tobol clarified that VKontakte will not be developing its own blockchain as the social media network intends to simply act as a channel that assists in the implementation of an existing blockchain. Tobol did not reveal which blockchain will be implemented.
Once the NFT and blockchain support are implemented, NFT creation will be accessible to the platform’s massive user base. As the Russian equivalent of Facebook, VKontakte receives an estimated 1.46 billion monthly visits from users. Though the platform is available in multiple languages, it’s predominantly used by Russian speakers.