A pair of scions from one of the wealthiest families of Singapore are teaming up to launch a private NFT based platform which will be open to anyone holding start up non-fungible tokens.
Elroy Cheo, the family behind edible oil business Mewah International Inc, and Kat Liam Son of reclusive financier Peter Lim had teamed up and founded ARC, a private NFT based platform, which will start as an app-based community and eventually grow into a metaverse with a gaming element.
The founders’ goal of bridging the actual and virtual worlds, as well as the transition to Web 3, is partially expressed in the name “ARC.”
From entrepreneurs to social media influencers, the duo envisions an online club where anyone holding the startup’s non-fungible tokens can join.
ARC will begin as an app-based community will connect together people from Taipei to South Korea and Australia to network, collaborate on projects and share their stories.
Later an exclusive member event will be hosted, followed by the creation of the ARC metaverse, which will include a gaming component. Those who do not wish to own ARC’s NFTs will be charged an annual subscription fee.
“We see the world change a lot, especially after Covid. People in this target segment now all want a sense of belonging.” Elroy said. “We want to create a community that Asia has never seen before,”
We are working on ecosystem that encompasses online and offline experiences, and pushing online boundaries,” Kat said in an interview in Singapore.
Since before the pandemic, Kat and Elroy have been working on this app. This app is currently being tested on Android, however it only works on iPhone for the time being.
Kat and Elroy are both crypto-enthusiasts with famous socialite sisters. Kim, Kat’s sibling, has 319,000 Instagram followers and Elroy’s sister Arissa has about 355,000.
They are part of a global rush to profit from the growing crypto-mania that is hiking up crypto prices and startup valuations.
“By creating a safe space for Asia’s dynamic and purpose-driven generation to connect authentically, ARC is a new collaborative destination that opens up endless possibilities,” ARC co-founder Elroy Cheo said.
To read our blog on Samsung, the first company to introduce NFT platform for smart tv, click here.