Russian social media network VKontakte is not just the largest but it is also popular in the country. Recently it announced its plan to support NFTs and blockchain technology. It plans to incorporate these technologies into the platform so that user content can be monetized and ensure copyright protection.
How will this be done? VKontakte’s technical director Alexander Tobol said in an interview that the company plans to use NFTs and blockchain effectively. Both are expected to become a part of a toolset to monetize content generated by users and also to protect copyrights. An NFT is a certificate which endorses uniqueness in the digital sphere, and it is impossible to break. NFTs are recorded in a distributed ledger which makes created content difficult to access and copy.
Tobol also said that the company is not planning to develop a blockchain program of its own. The company will just be an intermediary and play in role in implementation. The value of the global NFT market is in the range of $25 to $35 billion annually and forecast to reach $80 billion by 2025. According to experts, the main issue for NFTs is fraud.
OpenSea, the biggest presence in the digital marketplace for art has said that more than 80% of NFTs set up with its free tool are fakes. Most of the content is plagiarized as well. Cent is an NFT marketplace as well and it has suspended trading of audio NFTs and photos for this reason. VKontakte plans to counter this problem by using different verification methods within label databases and its social network.