Russian Social Media Giant Vkontakte Launches NFT Service

Russia’s largest social network, Vkontakte, has launched a feature allowing users to upload digital collectibles to the platform. Account holders will also be able to buy and sell them in the future as the company intends to establish a marketplace for non-fungible tokens.

The leading social media network in the Russian-speaking segment, Vkontakte (VK), has introduced an NFT service along with an educational course on non-fungible tokens (NFTs), the crypto page of the Russian business news portal RBC reported, quoting the company.

The new features will be available to all users within a few days, VK’s CEO Marina Krasnova and Chief Technology Officer Alexander Tobol announced during a presentation in Moscow. The VK NFT option will allow owners of digital collectibles to transfer them to their accounts.

Furthermore, the tokens can be employed as avatars or presented in a special showcase in the profile. In order to do that, you’ll need to link your crypto wallet to your account. “Our task is to simplify user interaction with NFT and make it truly a mass technology,” Krasnova commented.

VK will also establish an NFT hub where news, announcements, market analytics, and case studies can be shared. The platform’s team will use the space to communicate with the NFT community, exchange ideas and search for potential partners, the report detailed.

Vkontakte plans to launch its own NFT collection in January 2023, and a full-fledged NFT marketplace at a later stage to offer users an opportunity to purchase and resell collectibles. The social media giant wants to integrate the technology into its other products as well, such as gaming and gifts.

Russian authorities have been mulling over proposals to expand the legal framework for crypto assets to cover more related activities and products. A report in July revealed that the Ministry of Economy is working on amendments to regulate the NFT space. In September, Russia’s largest bank, Sber, announced its intentions to allow users of its proprietary blockchain platform to issue NFTs.

Do you expect other Russian companies to enter the NFT market? Tell us in the comments section below.