Chinese Instagram partners with Conflux for blockchain integration
XiaohongShu, better known as the Chinese Instagram, has taken a big step towards embracing blockchain and NFTs by teaming up with Conflux to create a dedicated space within the social media platform where users can showcase their platform-generated NFTs.
Digital assets are becoming a reality on social media
Little Red Book, or XiaohongShu, has made a major move towards blockchain adoption by integrating Conflux network’s permissionless blockchain technology. The platform, which boasts over 200 million active monthly users, will now allow users to showcase NFTs minted on Conflux in their profile pages within the digital collection section called ‘R-Space’.
This move towards NFT adoption is a significant step for Little Red Book, as it brings the technology one step closer to mass adoption. The integration of Conflux’s technology will allow users to actively use web3 technology within a web2 system on a daily basis.
Little Red Book had previously formed alliances with other blockchains, but this marks the first time the platform has integrated a permissionless network. This integration further solidifies China’s pro-NFT stance and suggests that we can expect to see more local companies considering blockchain technology integration with existing web2 companies.
Little Red Book’s first Conflux NFT is from the Mimic Shhans community, which has a large Chinese community base. Owners of the original NFT can follow a predefined process to receive the Conflux NFT, which will appear on their Little Red Book profile page.
Conflux, a permissionless layer-1 blockchain, connects decentralized economies across borders and protocols. Conflux provides a fast, secure, and scalable blockchain environment with zero congestion, low fees, and improved network security.
As the only regulatory-compliant public blockchain in China, Conflux provides a unique advantage for projects building and expanding into Asia. In the region, Conflux has collaborated with global brands and government entities on blockchain and metaverse initiatives, including the city of Shanghai, McDonald’s China, and Oreo.
Little Red Book’s integration with Conflux Network is a major step forward for the adoption of NFTs and blockchain technology. As more and more people start to use Web3 technology within a Web2 system, it is likely that we will see similar moves from other large-scale companies in the near future.
What is Meta’s Instagram doing?
Instagram, one of the largest social media platforms in the world with around 2 billion monthly active users, has also been testing out NFTs. Earlier last year, Instagram’s parent company, Meta, began allowing select-few users to connect their accounts to their digital wallets and showcase NFTs that they either created or bought. The feature quickly gained traction as NFT creators and collectors saw the potential for presenting their digital assets to a wider audience of web3-curious consumers.
Encouraged by positive feedback, Instagram slowly started expanding its digital collectibles feature, allowing digital artists to begin minting and selling NFTs directly on the platform. The addition of NFT trading for a platform like Instagram makes sense considering its huge global audience.
Early NFT sales on the platform have been a success, with collections selling out quickly. Instagram’s strategy of recruiting well-known NFT artists to tout the new feature has worked in two ways – it enticed NFT collectors and helped to bridge the gap between web2 and web3 users.
It is clear that Little Red Book’s integration with Conflux is not alone in the blockchain acceptance trend. The addition of NFT trading for a platform like Instagram makes sense considering its huge global audience. However, it is facing the challenge of attracting a native web3 audience.