As per media reports released on February 18, the Russian social media network VKontakte (VK) has declared that it would support NFTs. In an interview, Alexander Tobol, the VK platform’s technical director, indicated that NFTs will be used to commercialise user-generated content and safeguard copyrights. He also clarified that VK will not construct its blockchain, but would instead operate as a facilitator and assistant.
He added that VK’s goal is to make it simple to download content, produce an NFT token, and then trade it on the market on a variety of platforms, like Solanart, OpenSea, and others. VK is Russia’s most famous social networking platform, with almost 650 million active users as of April 2021. The goal appears to be to persuade NFTs to stimulate the development of user content and, as a result, the value derived from it.
According to Tobol, the VK’s NFT solution will ensure that copyright regulations are followed. Whenever it comes to music and videos, the platform appears to be concerned about copyright infringement. VK will authenticate the authorship of every downloaded music and movie using its existing content ID system.
Any type of material may be monetized with NFTs, giving the owner greater control over the content’s payment. The music business has jumped on board in a big way, with a slew of new music NFT platforms opening in recent months. NFTs have also been launched by well-known musicians such as Eminem and The Weeknd. NFTs eliminate the middlemen in the content distribution process, allowing the content provider to get more earnings.