Russian Social Media Giant Vkontakte Introduces NFTs


Russia’s foremost social media platform Vkontakte has enabled a new feature which allows users to upload digital collectibles directly to the platform. Account holders will later be able to buy and sell tokens, with plans to create a market for non-fungible tokens.

VK Users Can Now Set NFTs as Avatars

The leading social network in the Russian-speaking community, Vkontakte (VK), has launched an NFT service and a course on non-fungible tokens, according to the business news portal RBC, a crypto page.

The VK CEO announced that all users will have access to the new features in a matter of days. During a presentation in Moscow, CTO Alexander Tobol and Marina Krasnova explained the new features. The VK NFT system will enable digital collectors to transfer their items to their accounts.

Furthermore, tokens can be presented on the profile page as showcases or avatars. To do this, a user will need to link their crypto wallet to their account. “Our mission is to make user interaction with NFTs simpler and make it a mass technology,” Krasnova stated.

VK has also established an NFT hub where users can share news, announcements and market analysis. According to the report, the platform team will use this space to communicate with the NFT community, to exchange ideas and seek potential partners.

Vkontakte is planning to launch its NFT collection in January 2023, followed by a full-fledged NFT marketplace that will enable users to purchase and resell collectibles. The social network giant wants to integrate the technology into other products such as games and giveaways.

Russian authorities have been looking into expanding the legal framework to include crypto assets in order to allow for more related products and activities. A July report revealed that the Ministry of Economy is working on amendments to regulate the NFT space. In September, Russia’s largest bank Sber announced that it will enable users to issue NFTs using its proprietary blockchain platform.

Tags in this story

avatars, collectibles, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Collectibles, Market, nft., NFT Market, NFT, Non-Fungible Tokens, Russia, Russian, Social Media, Social Network, Token, Tokens, users, VK, Vkontakte

Do you think other Russian companies will join the NFT market? Share your thoughts in the comment section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy journalist from Eastern Europe who finds inspiration in Hitchens’ quote: “Being a writer is who I am, more than what I do.” He is also passionate about crypto, blockchain and fintech.

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