Largest Russian Social Media VKontakte to Introduce NFT Support for Monetization

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Russia’s VKontakte announced Sunday that they would add NFT support for monetization of user content and copyright protection. 

First reported by Vesti, this originated from the statement made by the technical director of the social network, Alexander Tobol. He announced that VKontakte plans to act as an intermediary and assistant without creating a blockchain of its own. Instead, VKontakte will use its Content ID system, which is already in use, to verify the authorship of the uploaded music and videos.

“Here, the main story is probably about trust in the uniqueness of the content. But if you supplement it through Content ID – a guarantee that this content is unique on this site or all over the world – then, in general, it belongs to you by copyright,” Tobol elaborated.

“I think that everything will change dramatically in the coming years,” he added by calling the move “a universal super-cool solution for authors that opens up a whole new world.” However, it would also require a guarantee of uniqueness and copyright in various countries.

The social networking service, based in Saint Petersburg, has about 649,016,600+ users as of April 2021.

In an earlier episode, the Cent NFT marketplace suspended trading due to the rise in the sale of fake and often copied tokens from users who did not have rights to the content in the first place.