Chinese Social Media App Xiaohongshu Integrates Conflux as Permissionless Blockchain

With greater than 200 million month-to-month lively customers, Xiaohongshu, a Chinese lifestyle-based social media platform, has built-in Conflux Network as a permissionless blockchain inside the app. Users can now showcase NFTs minted by means of Conflux on their profile pages inside a digital assortment part referred to as “R-Space,” which was launched in July final 12 months.

The first NFT undertaking linking Xiaohongshu and Conflux is a neighborhood manufacturing by Mimic Shhans, which was designed by Korean artist SHHAN and has a big Chinese neighborhood base.

With over 140,000 manufacturers from greater than 200 nations and areas around the globe being talked about on Xiaohongshu, this integration brings NFTs a step nearer to mass adoption, the place individuals are actively utilizing Web3 know-how each day inside a Web2 system.

According to CoinMarketCap’s information, Conflux’s token as soon as rose from $0.03 to $0.08 after the information of cooperation with Xiaohongshu was launched. As of press time, the token is presently quoted at $0.062, with a market worth of about $120 million.

As the one regulatory compliant, public, and permissionless blockchain in China, Conflux is constructing a borderless transactional and technological ecosystem for globally-minded crypto tasks, extending past China to North America, Russia, Latin America, Europe, Africa, and the remainder of the world.

According to CryptoSlate, on December 29, 2022, Chief Technology Officer Wu Ming mentioned that the corporate was registering Hong Kong entities to consolidate its position as Web3 infrastructure domestically.

Wu Ming mentioned on 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 additionally revealed on the summit that Hong Kong has been based mostly on the worldwide monetary marketplace for a long time and enjoys international status. The metropolis’s regulatory framework and system are linked with worldwide guidelines and have been widely known. The Conflux group says it’s well-suited to Hong Kong’s lively monetary know-how ecosystem and that it plans to maneuver its headquarters there.

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