With greater than 200 million month-to-month lively customers, Xiaohongshu, a Chinese lifestyle-based social media platform, has built-in Conflux Community as a permissionless blockchain inside the app. Customers can now showcase NFTs minted by means of Conflux on their profile pages inside a digital assortment part known as “R-House,” which was launched in July final 12 months.
The primary 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 language neighborhood base.
With over 140,000 manufacturers from greater than 200 nations and areas all over the world being talked about on Xiaohongshu, this integration brings NFTs a step nearer to mass adoption, the place individuals are actively utilizing Web3 expertise every day inside a Web2 system.
In accordance with CoinMarketCap’s knowledge, 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 at the moment 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 initiatives, extending past China to North America, Russia, Latin America, Europe, Africa, and the remainder of the world.
In accordance with CryptoSlate, on December 29, 2022, Chief Know-how Officer Wu Ming stated that the corporate was registering Hong Kong entities to consolidate its function as Web3 infrastructure regionally.
Wu Ming stated on the POW’ER 2023 Hong Kong Web3 Innovator Summit in January, “Ethereum, because the originator of the general public chain, has made nice improvements and gathered funds. Nevertheless, from the attitude of technological improvement, there should not many technological breakthroughs in Ethereum, and the enlargement of Ethereum isn’t profitable. The brand new improve has not utterly solved the issue of transaction delay. For the brand new public chain, together with Conflux Community, it’s not advisable to repeat the Ethereum mannequin. Though there’s a lengthy option to undergo technological innovation, it’s a extra sensible course.”
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 an excellent world repute. The town’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 expertise ecosystem and that it plans to maneuver its headquarters there.
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