Little Red Book (XiaohongShu), a social media platform that has been called China’s version of Instagram, is integrating the Conflux blockchain into its vast network of over 200 million active monthly users.
The integration will all users to showcase Conflux-minted non-fungible tokens (NFTs) on their profile page in a digital collection section called ‘R-Space.’ To get things started, the popular Mimic Shhans community will provide the first NFT supported by Little Red Book. Users can go through an outlined process to receive the Conflux NFT and then display it on their profile.
Conflux is a Layer 1 blockchain that aims to bridge Western and Asian communities and economies. It uses a hybrid of PoW and PoS consensus mechanisms, and is fast, scalable, secure, has low fees, and zero congestion. It is also the only regulatory-compliant public blockchain in China, giving it a huge advantage for Web3 projects expanding into Asia.
The move for the social media giant to integrate a decentralized blockchain into its ecosystems seems to support China’s pro-NFT stance. Now people in Web2 can use NFTs on a daily basis, perhaps bringing NFTs closer to mass adoption. The move could lead more Web2 companies in China to integrate NFTs and blockchain tech into their business models.
In the past, Conflux has collaborated with the city of Shanghai, Oreo, and McDonald’s China.
China Appears Bullish on NFTs & the Metaverse
Although China’s stance on Web3 and crypto has been hostile in the past, the country appears to have a soft spot for non-fungible tokens and the metaverse. At Rarity Sniper, we’ve written several articles about China, NFTs, and the metaverse. Here are some of the most recent stories.
First, eleven months ago, China released five NFTs to celebrate the country hosting the 2008 and 2022 Olympics. The NFTs depicted Xiao Cang, the Beijing Olympics mascot, and could be redeemed for real-world Olympic souvenirs.
Shortly after, a top university in Beijing, Tsinghua University, opened the country’s first metaverse lab in partnership with Communications and Chinese Online (COL). The lab will research the future of media tech, metaverse creativity and culture, and other metaverse fields.
Lastly, on January 1, 2023, China launched the China Digital Trading Platform (CDEX), a state-sanctioned NFT and digital assets marketplace. The platform was created by Cultural Relics Exchange, China Technology Exchange and Art Exhibitions China, as well as private entity Huban Digital.
After years of hostility towards crypto and Web3, China appears to be bullish on NFTs and the metaverse. Now the partnership between Conflux and Little Red Book will allow millions of Web2 users to experience NFTs. We’ll keep our ears to the ground for any new developments in the story.