Xiaohongshu Get Involved in NFT and What the different with Ali and Tencent?

Chinese social platform Xiaohongshu began its involvement in NFT with the launch of its digital art platform R-SPACE in November 2021. Not long ago, Xiaohongshu released dozens of digital collections at R-SPACE, dubbed “R-Digital Collections”.

The meta-universe is in full swing driving the development of many related industries, and the one closest to our lives at the moment would be NFT.

By allowing every work and every transaction to be recorded through blockchain technology, it has to some extent eliminated the problem of copyright of works in the previous art field. Digital art is gradually flourishing.

In the current Chinese market, Chinese social platform Xiaohongshu has also entered into NFT launching its digital art platform R-SPACE in November 2021. Not long ago, Xiaohongshu issued dozens of digital collections in R-SPACE, dubbed “R-Digital Collection”.

R-SPACE is used as a space for displaying R-digital collections in the personal center of Xiaohongshu. After a user obtains an R-digital collection and agrees to open a digital collection account, the personal homepage will open the function of R-SPACE. In it, you can display and share collections, share collection posters with users’ unique attribution information, and also download and save HD graphic materials.

Conceptually, NFT is a non-homogeneous token in the blockchain network and the digital collection can be said to be a product of NFT after evolution, with a unique blockchain number.

According to the information shown in the Xiaohongshu R-Digital Collection Guide, the R-Digital Collection represents the originality of the work and the unique non-tamperable attribution right and the corresponding number on the blockchain of each digital product corresponds to the unique proof of right and transaction relationship. These digital collections have a unique number on the “Tencent Trust Chain” and cannot be tampered with. The unique serial number on the chain publicly records information related to the creation, storage, transaction and ownership of these works.

Generally speaking, digital collections are online digital credentials. But the digital collections issued by Xiaohongshu on R-SPACE this time are a bit different accompanying with the words “including physical goods” on some product pages. In other words, users can have digital collectibles online, but also receive physical items in the same style offline. Compared to digital collectibles issued by other platforms, R-digital collectibles have a richer playability.

The reason why NFT can be rapidly hot, in addition to its uniqueness, its social attributes can not be ignored. The unique NFT works not only can meet people’s personalities but also represents the assets they own and some kind of identity belonging, such as NBA star Curry spent a lot of money to buy the “Boring Ape” as his social software avatar, Tencent issued the 23rd anniversary of the NFT digital collection.

Xiaohongshu is a social software with uniqueness and rapid development momentum in the Chinese market and it also has the attributes of an e-commerce company, so it has the natural advantage of issuing digital collectibles. NFT may be able to enrich the interaction between users in the future.

It is worth mentioning that the Xiaohongshu Re Zhong Zhi Studio, which created R-SPACE, is also about to launch AR function for projecting digital collections into the real world and will plan more personalized functions afterwards.



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