Russia's largest social network, Vkontakte, will support NFTs

With social media giants like Instagram and Twitter already involved, another social media company is set to get in on the digital collectible frenzy.

Russia's largest social network, Vkontakte, will support NFTs

With social media giants like Instagram and Twitter already involved, another social media company is set to get in on the digital collectible frenzy.

The largest social network in Russia, Vkontakte, announced its plans to implement NFT and blockchain technology.

As reported by Vesti.ru, the social media giant will monetize user-generated content as well as protect copyrights.

According to Alexander Tobol, Vkontakte's technical director, the company will not create its own blockchain but will serve as an intermediary in pushing the NFT and blockchain initiative.

According to him:

NFTs can be easily created, listed, and traded on exchanges. This is exactly what our job as the largest service in Russia for interaction with [an] audience, with a wealth of user-generated content, is all about: providing this opportunity.

Tabol continues by saying that NFTs have the potential to become a universal solution for authors, because the technology requires a guarantee of copyright and uniqueness across several countries.

In regards to copyright and fakes, Vkontakte plans to use a content ID system to verify the ownership of all contents downloaded from the service.

As the NFT industry grows, plagiarism is becoming a bigger problem. The leading NFT marketplace recently revealed that about 80% of the NFTs it minted for free had been copied.

Following a backlash from the NFT community, OpenSea retracted its decision to limit the number of free mints in a collection to 50 in order to combat fakes.

An NFT marketplace, Cent, was suspended from operations due to high levels of counterfeit products.