Regulation News
- Vkontakte is showing its support towards NFTs and blockchain.
- VK will not be creating its own blockchain.
- Meta will allow the creation and selling of NFTs on its platform.
Vkontakte (VK), Russia’s biggest social media platform, has decided to ride the NFT wave as it introduced support for blockchain and NFTs. This integration aims to achieve user content monetization and copyright protection–as disclosed by VK’s Technical Director Alexander Tobol in an interview with Vesti.
According to Tobol, an NFT is a “digital certificate of uniqueness” that ensures the impossibility of forging the content, guaranteed by an entry into a distributed ledger. Furthermore, the VK executive stressed that Vkontakte is not going to develop its own blockchain. It only plans to serve as an intermediary and aid in its implementation.
Moreover, Vkontakte will be utilizing its own Content ID system that is already used for authorship verification of downloaded videos and music. He further stated that:
The main story here is probably about trust in the uniqueness of content. But if you supplement it through Content ID–a guarantee that this content is unique on this site or around the world–then in general it belongs to you by copyright.
Currently, Vesti points out that the global market for NFTs has been projected to be around $20-$35 billion a year. However, the existing issue involving NFTs is fraud. In that sense, NFT Marketplaces such as OpenSea and Cent have both suspended the trading of photo and audio NFTs.
Meanwhile, this news follows the reports stating that Meta, the platform that owns Facebook and Instagram, is planning to let its users create and sell NFTs. In addition, it was also said that the two companies are in the works of building a prototype feature. This feature will then allow users to create or mint collectible tokens in the future.
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