With more than 200 million monthly active users, Xiaohongshu, a Chinese lifestyle-based social media platform, has integrated Conflux Network as a permissionless blockchain within the app. Users can now showcase NFTs minted through Conflux on their profile pages within a digital collection section called “R-Space,” which was launched in July last year.
The first NFT project linking Xiaohongshu and Conflux is a community production by Mimic Shhans, which was designed by Korean artist SHHAN and has a large Chinese community base.
With over 140,000 brands from more than 200 countries and regions around the world being mentioned on Xiaohongshu, this integration brings NFTs a step closer to mass adoption, where people are actively using Web3 technology on a daily basis within a Web2 system.
According to CoinMarketCap’s data, Conflux’s token once rose from $0.03 to $0.08 after the news of cooperation with Xiaohongshu was released. As of press time, the token is currently quoted at $0.062, with a market value of about $120 million.
As the only regulatory compliant, public, and permissionless blockchain in China, Conflux is building a borderless transactional and technological ecosystem for globally-minded crypto projects, extending beyond China to North America, Russia, Latin America, Europe, Africa, and the rest of the world.
According to CryptoSlate, on December 29, 2022, Chief Technology Officer Wu Ming said that the company was registering Hong Kong entities to consolidate its role as Web3 infrastructure locally.
Wu Ming said at the POW’ER 2023 Hong Kong Web3 Innovator Summit in January, “Ethereum, as the originator of the public chain, has made great innovations and accumulated funds. However, from the perspective of technological development, there are not many technological breakthroughs in Ethereum, and the expansion of Ethereum is not successful. The new upgrade has not completely solved the problem of transaction delay. For the new public chain, including Conflux Network, it is not advisable to copy the Ethereum model. Although there is a long way to go through technological innovation, it is a more practical direction.”
SEE ALSO: Web3 Firm Azuki Arrives on Chinese Lifestyle Social Platform Xiaohongshu
Wu Ming also revealed at the summit that Hong Kong has been based on the international financial market for decades and enjoys a good global reputation. The city’s regulatory framework and system are linked with international rules and have been widely recognized. The Conflux team says it is well-suited to Hong Kong’s active financial technology ecosystem and that it plans to move its headquarters there.