Little Red Book (XiaohongShu), the Chinese version of Instagram, has flown its preferred altcoin project to gain the NFT feature. Price is rallying over 70%.
Instagram news put this altcoin project in flight
The Chinese version of Instagram, Little Red Book (Xiaohongshu), will integrate Conflux Network (CFX), allowing users to showcase NFTs printed in Conflux on their profile page in the digital collection section ‘R-Space’. The news, announced by the altcoin project Conflux on its Twitter account, managed to attract the attention of the community within minutes. The announcement highlights that the platform has more than 200 million active users and NFT integration.
With more than 200M monthly active users, Little Red Book (Xiaohongshu), China’s answer to “Instagram” has integrated Conflux Network as a permissionless blockchain.https://t.co/tk84WI5kaj
— Conflux Network Official (@Conflux_Network) January 26, 2023
Shortly after the announcement, the Conflux Network (CFX) price jumped over 50% in the first place. After an additional 20% rally in the following hours, the intraday high touched $0.05696. The CFX rally is still going on right now. Although it has been about 5 hours since the news, it still has not seen a major fix:
Why is partnership important?
The platform has more than 200 million monthly active users, and this integration brings one step closer to mass adoption of NFTs, where users actively use Web3 technology every day within a Web2 system. Little Red Book has previously had partnerships with various Blockchains and NFTs, but its first partnership with a permissionless network was the Conflux Network.
Ming Wu, CTO of Conflux, said in a statement about the partnership, “Major internet industry players in China have initiated efforts to adopt the Web3 transition. As a result, Conflux becomes the main bridge connecting the two worlds and takes a leadership role in extending Web3 technology to traditional industry scenarios.”
From a regulatory perspective, such a large-scale company integrating a permissionless blockchain further solidifies China’s pro-NFT position. It also shows that we can expect an increase in local companies considering Blockchain technology integration with existing Web2 companies.
The first Conflux NFT powered by Little Red Book is from the Mimic Shhans community, which has a large community base in China, and owners of the original NFT can go through a predefined process to get the Conflux NFT that can be featured on their Little Red Book.
About Conflux
Conflux is a permissionless Layer 1 Blockchain that links protocols. Conflux, which has recently transitioned to the hybrid PoW/PoS consensus, provides a fast, secure and scalable blockchain environment with zero congestion, low fees and enhanced network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects being built and expanded in Asia. In addition, Conflux has collaborated on Blockchain and metaverse initiatives with global brands and government agencies in the region, including the city of Shanghai, McDonald’s China, and Oreo. We have included details about the project in this article of Kriptokoin.com.
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