Conflux Token Spikes 60% as Blockchain Integrates China’s Version of Instagram
200 million users will now be able to display Conflux NFTs on their Little Red Book profile pages.
Conflux, the native token of the layer 1 Conflux blockchain, soared by 60.25% on Thursday after it announced it had integrated Little Red Book, China's version of Instagram.
The token, which hit a low of $0.022 on Jan. 1, is currently trading at $0.051 as volume across all exchanges surged by 373% to $57 million, based on CoinMarketCap data.
The integration will allow Little Red Book's 200 million users to be able to display non-fungible tokens (NFT) minted on Conflux on their profile page, according to a press release.
"Large internet industry players in China have initiated efforts embracing the Web3 transition," said Ming Wu, Conflux's chief technology officer. "Conflux is becoming the major bridge connecting the two worlds and taking a leadership role to expand Web3 technology into traditional industry scenarios.”
The shift from Web2 to Web3 has been a popular theme over the past six months, with brands such as Nike releasing a digital wearables marketplace in November, while car manufacturer Porsche attempted, albeit unsuccessfully, to release 5,000 Porsche 911 NFTs this week.
Conflux received a $5 million research grant from Shanghai's government in 2021.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.