Children of Singapore billionaires jump aboard the NFT train with ARC

The children of two Singaporean billionaires came together to create ARC, a private social network based on NFT.

Kiat Lim, son of financier Peter Lim, and Elroy Cheo, heir to the edible oil company Mewah International, are behind the project who they believe is much more than just an NFT club.

ARC is getting into the mainstream

According to a report From The Straits Times, Lim and Cheo seek to build an app-based community that brings together people from Taipei to South Korea and Australia. The platform will allow users to network, collaborate on projects and share stores, as well as meet at exclusive member events.

Eventually, ARC will create a proprietary metaverse to host its virtual online community and introduce a game element to the ecosystem.

“We want to create a community that Asia has never seen before,” said Cheo. “We see that the world (changes) a lot, especially after Covid-19. People in this target segment now want a sense of belonging. “

ARC wants to distance itself from the anonymity that has become synonymous with the crypto industry. The platform will have a rigorous authentication process that is configured to verify the identities of all its users. Lim and Cheo believe this will allow them to bridge the gap between online and offline experiences and facilitate an ecosystem that pushes the boundaries online.

Even the name of the platform was chosen to reflect the vision of its founders – the two said they settled on ARC to express their ambition to unite the real and virtual worlds and transition to Web3.

The two have reportedly been working at ARC since before the Covid-19 pandemic, but only recently did they establish a significant presence online. Over the past week, both mainstream and crypto media have been inundated with headlines about the exclusive NFT club that billionaire scions founded, an idea that seems to be endlessly fun for Lim and Cheo.

While the two haven’t gotten more vocal about their project yet, they seem to be very supportive of intensive memeing in their community.

Posted in: Singapore, NFT

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