June 16, 2022

Xiaohongshu entered the #NFT world

Xiaohongshu launched their NFT channel R-Space, which gained 13 million views until the end of May.

Top 5 Influencers of #R-space

What happened:

China Lifestyle platform Xiaohongshu entered the NFT world by creating "R-Space" a space for users to trade their digital collections. "Step into R-Space" allows  users to sell or purchase digital NFT collections through the R-Space channel. Recently, it collaborated with NFT creators on Xiaohongshu to launch 19 sets of digital collections during May. Eager fans sold out ten digital collections of the "520" series minutes after being available for purchase.

Step into R-Space Channel on RED

Why it matters:

This initiative creates a bridge into Web3 for the fashion industry in China. On April 15th, 2022, Xiaohongshu partnered with Shanghai Fashion Week and Xintiandi to host the first virtual fashion week with Chinese designers. The pandemic's effect on Shanghai Fashion Week, causing it to look at virtual routes  provided a new space for fashion designers, influencers, and audiences to communicate without the limitations of physical elements. Given the potential of NFTs, it is likely that we will see more platforms emerge that are based on this technology.

R-Space has received significant attention since its launch in November 2021. In six months, more than 100 influencers and celebrities have mentioned R-Space on Xiaohongshu in 552 posts. These posts amounted to close to two million users viewing content related to R-Space, and an estimated Earned Media Value (EMV) of RMB 1.14 million.  

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