Singapore secret tycoons scions want to start NFT club

(Bloomberg) – A pair of descendants of Singapore’s wealthiest families are teaming up to create a private NFT-based social networking app, becoming the latest of the well-to-do to embark on a growing crypto craze.

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Kiat Lim, the 28-year-old son of lone financier Peter Lim, and Elroy Cheo, from the family behind the edible oil company Mewah International Inc., founded ARC to create the exclusive community. The pair envision an online club where membership is open to anyone with the startup’s non-fungible tokens, from entrepreneurs to social media influencers.

Lim and Cheo, 37, are both crypto enthusiasts with famous socialite sisters: Lim’s brother Kim has some 319,000 Instagram followers, while Cheo’s Arissa has around 355,000. to a global rush to profit from the growing crypto-mania that is driving up digital coin prices and startup valuations. That shift accelerated in 2021, as wealthy investors who once despised digital tokens realized they couldn’t bear to miss out on the potential for big gains.

Read more: Billionaires turn to crypto just in case the money ‘goes to hell’

ARC plans to create an app-based community first, bringing together individuals from Taipei to South Korea and Australia to network, collaborate on projects and share stories. After that, it plans to host exclusive events for members, before eventually creating an ARC metaverse – a sprawling online virtual community – with a game element. The company plans to charge an annual subscription fee to those who do. avoid their NFTs.

“We are a networking ecosystem that embraces online and offline experiences and pushes boundaries online,” Lim said in an interview in Singapore.

The CRA will rigorously authenticate its members to ensure that users are who they claim to be. The founders have been working quietly on their startup since before Covid-19, prioritizing referrals for members similar to traditional clubs. The app is currently limited to iPhones although an Android version is in the testing phase.

The founders said they chose the name in part to express their ambition to bridge the real and virtual worlds and the transition to Web3 – a term still ambiguous for decentralized blockchain-based systems envisioned as replacing the Internet such as we know him.

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

Read More: Web3 Is The Crypto World’s Attempt To Reinvent The Internet

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