BEIJING, January 24(TMTPOST) — Chinese lifestyle social media platform Xiaohongshu has launched a dedicated NFT collectible platform named STEP INTO R-SPACE, rolling out a number of digital collectibles.

Most of the collectibles have already been sold out.

NFT (non-fungible tokens) are digital collectibles on the blockchain, which validates ownership of digital goods and creates scarcity.

Xiaohongshu had started to test the NFT collectible platform as early as in November 2021, ahead of video site Bilibili and e-commerce platform JD.com. The platform was developed by Xiaohongshu’s studio Rezhongzi.

Xiaohongshu named its NFT collectibles as R-DigitalCollection, which are displayed on its mobile application. However, Xiaohongshu opposes the speculation of its digital collectibles. Xiaohongshu advises users to purchase NFT collectibles only through official channels.

It remains uncertain which blockchain the collectibles are on and whether their ownership can be transferred to other people.

NFT collectibles have their own identifier number on blockchains, which verifies ownership of the digital goods. Digital collectibles without the identifier number can be considered fake ones.

Most of the NFT collectibles issued by Xiaohongshu have a physical twin that looks exactly like the respective digital collectible, which sets Xiaohongshu’s NFT collection apart from the crowd in China. Upon purchase, users will be able to receive a physical copy of the digital collectibles, which could be a painting, a sculpture or a doll, etc.

Xiaohongshu has a different pricing strategy for its digital collectibles. In the Chinese market, the majority of NFT collectibles are sold in a massive amount with low pricing. Generally, an NFT collectible is sold in thousands of copies, with each priced at around 100 yuan to a couple of hundred yuan. Xiaohongshu’s digital collectibles are sold in fewer copies and priced at at least 100 yuan. The most expensive collectible on Xiaohongshu is sold at 5,000 yuan and has only one copy.

In China, a number of Chinese tech companies have launched their NFT platforms, such as Ant Group, Tencent, JD.com, Baidu, NetEase, Bilibili and Xiaohongshu. It appears more companies will soon jump on the bandwagon.