Russian social media giant Vkontakte launches NFT service

Russia’s largest social network, Vkontakte, has launched a feature that allows users to upload digital collectibles to the platform. Account holders can also buy and sell them in the future as the company intends to create a marketplace for non-fungible tokens.
Vkontakte users can present their NFTs and set them as avatars
The leading social media network in the Russian-speaking segment, Vkontakte (VK), has launched an NFT service along with a training course on non-fungible tokens (NFTs), the crypto site of Russian business news portal RBC reported, citing the company.
The new features will be available to all users within a few days, announced VK CEO Marina Krasnova and Chief Technology Officer Alexander Tobol during a presentation in Moscow. The VK NFT option allows owners of digital collectibles to transfer them to their accounts.
In addition, the tokens can be used as avatars or presented in a special display case in the profile. To do this, you need to link your crypto wallet to your account. “Our task is to simplify user interaction with NFT and really make it a mass technology,” Krasnova commented.

VK will also set up an NFT hub where news, announcements, market analysis and case studies can be shared. The platform’s team will use the space to communicate with the NFT community, share ideas and scout for potential partners, the detailed report said.
Vkontakte plans to launch its own NFT collection in January 2023 and a full-fledged NFT marketplace at a later date to offer users the opportunity to buy and resell collectibles. The social media giant also wants to integrate the technology into its other products, such as games and gifts.
Russian authorities have been considering proposals to expand the regulatory framework for crypto assets to cover more related activities and products. A July report revealed that the Commerce Department is working on changes to regulate the NFT space. In September, Russia’s largest bank, Sber, announced its intention to allow users of its proprietary blockchain platform to issue NFTs.

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tags in this story

avatars, collectibles, crypto, crypto assets, cryptocurrencies, cryptocurrency, digital collectibles, marketplace, nft, nft marketplace, nfts, non fungible tokens, russia, russian, social media, social network, tokens, tokens, users, vk, vkontakte
Do you expect other Russian companies to enter the NFT market? Tell us in the comment section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchen’s quote: “Being a writer is what I am, not what I do.” Along with crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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