Chinese social media app Xiaohongshu integrates Conflux as permissionless blockchain
With more than 200 million monthly active users, Xiaohongshu, a Chinese lifestyle-based social media platform, has integrated the Conflux Network as a permissionless blockchain into its app. Users can now showcase NFTs created through Conflux on their profile pages in a digital collection section called “R-Space,” which launched last July.
The first NFT project connecting Xiaohongshu and Conflux is a community production of 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 one step closer to mass adoption, where people actively use Web3 technology on a daily basis in 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. At press time, the token is currently listed at $0.062, with a market capitalization of around $120 million.
As the only regulatory, 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, Chief Technology Officer Wu Ming said on December 29, 2022 that the company registered 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 raised 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 delays. For the new public chain, including the 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.”
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Wu Ming also revealed at the summit that Hong Kong has been based in the international financial market for decades and enjoys a good global reputation. The city’s regulations and system are linked to international rules and have been widely recognized. The Conflux team says it is well-suited to Hong Kong’s active fintech ecosystem and plans to relocate its headquarters there.