CFX token rises by 143% after integration into China’s Instagram
Little Red Book has over 200 million monthly active users
27.01.2023 - 08:15
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What’s new? Chinese social network and e-commerce platform Little Red Book (Xiaohongshu) has integrated the Conflux Network as a public blockchain. Through the partnership, users can showcase non-fungible tokens (NFTs) issued on Conflux on their profile page in the digital collection section called R-Space. Following the integration, the blockchain token, CFX, has risen by 143% and is trading at $0,0781 as of January 27, 07:50 UTC, according to Binance.
Conflux is an open interoperable and scalable Layer 1 (L1) blockchain, it runs on a hybrid consensus algorithm combining Proof of Work (PoW) and Proof of Stake (PoS), and it provides high transaction speeds and low fees. Conflux is the only open blockchain that complies with PRC regulations. The project cooperates with Shanghai authorities and McDonald’s China.
What is known about the integration? According to the press release, Little Red Book has more than 200 million monthly active users, and this integration brings NFTs one step closer to mass adoption for the daily active use of Web 3.0 technology in a Web 2.0 system.
The first Conflux NFT supported by Little Red Book belongs to the popular Mimic Shhans community in the PRC. Owners of the original tokens, by following a series of steps, can get Conflux NFT, which will be shown on their Little Red Book profile page.
From a regulatory perspective, the integration of blockchain by such a large company indicates an easing of the authorities’ stance on NFTs and allows expecting an increase in the number of local firms considering integrating distributed ledger technology with existing Web 2.0 companies.
Meanwhile, back in April 2022, local financial associations proposed restricting the use of NFTs due to threats of illegal financial activity, and in June messenger WeChat began blocking accounts associated with NFTs and cryptocurrencies. However, in January 2023, analysts at CryptoQuant saw signs that China was gradually returning to the crypto market.
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