Social network “VKontakte” announced support for blockchain and NFT

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The largest Russian social network VKontakte intends to give users the opportunity to earn on non-fungible tokens.

The technologies will be included in the platform’s services for monetizing user content and protecting copyrights, Alexander Tobol, CTO of the company, said in an interview with the Vesti TV program. NFT is a digital certificate of uniqueness that ensures that content cannot be stolen, the CTO explained.

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Tobol emphasized that the company does not plan to develop its own blockchain, but will only act as an intermediary:

“The task is to provide the ability to download content, easily create an NFT token, and then place it on the exchange. And here our mission, as the largest service in Russia in terms of audience coverage with an incredible amount of user-generated content, is to provide the user with this opportunity.”

To stop attempts of fraud or plagiarism, VKontakte is going to use its Content ID system, which now serves to verify the authorship of downloaded music and videos. According to Tobol, in the coming years, thanks to blockchain and NFT, the social network will change dramatically.

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Recall that in 2019, according to sources from the RNS news agency, this Russian social network was studying the issue of issuing its own cryptocurrency.

Source: Bits

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