Xiaohongshu, a Chinese social platform, recently launched a digital collection platform called “STEP INTO R-SPACE”, and released dozens of titles. Aside from the latest online collections, all others have been sold out.
Digital collection is a new line of business since NFTs landed in China. NFT is short for “non-fungible token” which resides on a blockchain. While the NFT confirms its existence on the blockchain, a digital collection is a digital certificate on the blockchain.
As early as November 2021, Xiaohongshu launched a digital collection distribution platform, beating Bilibili and JD.com to the race. Xiaohongshu introduced the platform by incubating it through its own studio space called “Rezhongzi”.
Like all domestic digital collection distribution platforms, Xiaohongshu’s digital collection emphasizes uniqueness and scarcity supported by blockchain technology. Furthermore, it rejects virtual currency stunts and reminds users to buy only through official channels.
Most digital collections issued by Xiaohongshu are accompanied by physical goods consistent with the pictures. In addition to owning a digital collection online, users can also receive the underlying physical goods such as paintings, statues and dolls.
In China, digital collections generally have tens of thousands of copies with each copy priced from ten to several hundred yuan. Xiaohongshu, however, issued only a few hundred copies in each collection and priced each higher than several hundred yuan. One of its digital collections sells for more than 5,000 yuan since there’s only one available.