Established in 2006, and with over 500 Million accounts, VKontakte is the ninth most visited website in the world according to SimilarWeb. Users of the Russian social media network, based on the amount of time they spend on the VKontakte’s platform, will receive tokens. Tokens earned this way could be transferred between users, to purchase goods and potentially be converted to cash via VK Pay. VK Pay is a money transfer service that lets VK users send money to each other in messages, using a credit or debit card.
This format is similar to Facebook’s plans for Facecoin, which is reported to be launching later this year in India on WhatsApp, and follows Line, Japan’s largest social media platform, which is using Digital Assets.
VKontake’s co-founder Pavel Durov also founded Telegram, which raised over $1.8 Billion in 2018 and is reported to be worth over $2.7 Billion personally.
These massive social media firms in three different continents are all using a potent cocktail of gamification and loyalty programs to incentivise and reward their customers for spending more time on their platforms. They presumably will be collecting information on what the tokens are being used to purchase and sell this valuable consumer data to advertisers.
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