The price of Conflux (CFX/USD) has shot up by more than 65% today after Conflux blockchain announced that it had integrated Little Red Book, the Chinese version of Instagram.
Besides the CFX price skyrocketing, the coin’s trading volume across all crypto exchanges has also surged by more than 459% to $84.161 million. At its current price, the token has more than doubled its January 1, 2023 price of $0.022.
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Conflux integrates Little Red Book
Following the integration of the Chinese version of Instagram on Conflux, the over 200 million Little Red Book users show NFTs minted on Conflux on their profile pages.
Commenting on the integration, Conflux’s CTO, Ming Wu, said:
“Large internet industry players in China have initiated efforts embracing the Web3 transition. 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 dominated the current crypto market recovery with several brands including Nike Inc (NYSE: NKE) and car manufacturer Porsche releasing NFT collections. Nike released a digital wearable marketplace in November last year while Porsche released its Porsche 911 NFTs which it later halted minting this week.
Conflux has therefore positioned itself as an NFT hub by integrating with Little Red Book, which will allow millions of people to access Conflux NFTs. The company recently received a $5 million research grant from the Shanghai government in 2021.