Nonfungible tokens (NFTs) have definitely taken the world by storm and the digital arts concept is showing no signs of stopping soon. Having already infiltrated sports, entertainment, gaming, there’s almost no industry in the world that hasn’t caught the NFT buzz. And now, most recently, sons of 2 Singapore billionaires have teamed up to create what they call ARC — a private social network backed by NFTs.
The duo of Elroy Cheo — heir to the edible oil business Mewah International, and Kiat Lim — son of renowned financier Peter Lim are behind the project. And according to them, this is more than just a mere NFT club.
Singapore Wealthy Class To Create NFT-based Social Platform
A report by The Straits Times, confirms that the app that Cheo and Lim are building will be looking to create a social community of like-minded persons from across Taipei, South Korea and Australia. The platform will also allow users to share stores, network amongst themselves, and even organize exclusive member events.
The report also suggests that in the long run, ARC is planning to create a trademarked metaverse. It is on this metaverse, that it will then host its online virtual community and introduce a gaming aspect later.
“We want to create a community that Asia has never seen before. We see the world (changing) a lot, especially after Covid-19. People in this target segment now all want a sense of belonging.”
Aims of The Project and Security Plans
ARC is hoping it can address a lot of security issues right from the scratch. Especially seeing as anonymity has always been an issue in the crypto industry. So the platform will look to ensure a thoroughly detailed verification process of its users. With this, Lim and Cheo must have bridged the gap between online and offline experiences. And thus facilitating an ecosystem that pushes online boundaries.
Interestingly, even the name of the project (ARC) was conceived with the vision of its founders in mind. The duo claim that they agreed on ARC because it indicates their ambition to bridge real and virtual worlds and transition to Web3.