Russia’s largest social network, Vkontakte, has launched a feature allowing users to upload digital collectibles to the platform. Users of Vkontakte can now display their NFTs and make them into avatars, and account holders will also be able to buy and sell them in the future. This comes as the company intends to establish a marketplace for NFTs.
The news appeared on the crypto page of the Russian business news portal RBC, which was cited by the company. At a presentation in Moscow, VK’s CEO Marina Krasnova and Chief Technology Officer Alexander Tobol stated that the new features would soon be accessible to all users. Owners of digital collectibles will be able to transfer them to their accounts using the VK NFT option.
Through users connecting their crypto wallets to their accounts, the tokens can also be shown in a unique showcase on the profile, or used as avatars. As Krasnova states, “our objective is to streamline human engagement with NFT and make it truly a mainstream technology.”
Additionally, VK will set up an NFT hub where case studies, market analytics, and news can be shared. According to the source, the platform’s team is planning this feature in order to interact with the NFT community, share ideas, and look for possible partners.
The industry leader in social networking intends to incorporate technology into all of its offerings, including games and gifts. These plans of a full-fledged NFT marketplace and NFT collection are expected to be made available in January 2023.
Russian authorities have been mulling over proposals to expand the legal framework for crypto assets to cover more related activities and products. A report in July revealed that the Ministry of Economy is working on amendments to regulate the NFT space. In September, Russia’s largest bank, Sber, announced its intentions to allow users of its proprietary blockchain platform to issue NFTs.
VKontakte was founded in 2006, and is one of the most popular social networks in Russia and Eastern Europe, with more than 500 million active users, and over 60% of the Russian population using it monthly on an active basis. The company has even developed its own internal currency, a new cryptocurrency called VK Coin.
The company plans to integrate its new cryptocurrency system into its existing products, including VK Messenger and VK Store, which will allow users to purchase virtual goods using the new token.
