As NFTs are gaining new ground around the world, it is always interesting to see which mainstream organization decides to embrace them. The latest of these is Sberbank, one of the biggest banks in Russia, which will allow users to issue NFTs.
This comes just months after the bank was licensed by the Russian government to issue digital assets.
How Sberbank is Embracing NFTs
As it has been announced, the bank will be adding NFT functionality to its blockchain platform. With this development, users will be able to issue NFTs directly from it. According to the Sberbank Deputy Chairman Anatoly Popov during the recent Eastern Economic Forum, this will be made available from the fourth quarter of 2022.
But despite this, the bank does not have plans to operate in isolation. Instead, it is looking to collaborate with organizations such as art galleries and sporting leagues for NFT launches. Given how much NFT application has been seen in the worlds of sports, art, and others, there is a lot of potential there.
Russian media has reported that the platform will roll out on an initially limited basis to allow for content moderation before wider access is given. Popov has also acknowledged that certain aspects of this NFT project will need to be ironed out over time, as will the legality of it all.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.