There’s a parallel Chinese NFT ecosystem that’s been taking off among designers, artists, and entrepreneurs, with the growing wave reflected on platforms like Xiaohongshu. NFTs in China are officially known as “digital collectibles”. In 2021, posts on digital collectibles rose 1228% year-on-year while searches for “NFT” grew 159 times. And in November 2021, Xiaohongshu started experimenting with NFTs as a part of its platform, allowing users to seamlessly buy, sell, and showcase digital collectibles directly within their profiles.
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