Conflux has partnered with Little Red Book, the Instagram of China, to integrate the former’s token to allow users to showcase the NFTs in their possession on the social media platform.
The news came from the official Twitter account of the Conflux Network. At the time of writing, the trading value of the conflux token was USD 0.042 at 7:37 AM Eastern Standard Time. The trading value increased at approximately 38 per cent during the last 24 hours, as evident from the data supplied by TradingView.
The Chinese version of Instagram has approximately 200 million active users every month, as reported by Conflux Network and Qiangua in the 2022 version of the XiaoHongshu Active User Portrait Trend paper.
Conflux has started to become an important bridge for bringing well known Chinese web industry players closer together, especially those who showed an interest in embracing Web3 initiatives, as reported by the CTO of the company, Ming Wu.
In 2022, Instagram spread the news that the platform will introduce a non-fungible token marketplace. At first, the NFT marketplace will support the Polygon network. After Instagram made this announcement, Polygon’s MATIC jumped approximately 13 per cent.