Conflux Token Spikes 60% as Blockchain Integrates China’s Version of Instagram
Conflux, the native token of the layer-1 Conflux blockchain, soared by 60.25% on Thursday after it announced that 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 (NFTs) 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 CTO. "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.