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Singapore Tycoons’ Sons Plan Private NFT Club: Report
Kiat Lim and Elroy Cheo founded ARC, which will start as an app-based community and eventually grow into a metaverse with a gaming element.
A son of a Singapore financier and a son of the family that started Mewah International Inc., an edible oils company, have founded ARC, a private, NFT-based social networking app that will be open to anyone who owns their non-fungible token, Bloomberg News reported on Thursday. They plan to eventually create an “ARC metaverse,” a huge virtual community that includes a gaming element.
- Kiat Lim, 28, the son of financier Peter Lim, and Elroy Cheo, 37, of the family that started Mewah, told Bloomberg that ARC’s app-based community will connect people from Taiwan to South Korea and Australia to network, collaborate on projects and share stories.
- The next step will be to host exclusive member events, and then create the ARC metaverse with the gaming element. ARC will charge an annual subscription fee to those who choose not to own ARC’s NFTs.
- “We are a networking ecosystem that encompasses online and offline experiences, and pushing online boundaries,” Lim told Bloomberg.
- The scions are among the latest of the well-to-do who are jumping into the NFT phenomenon. Paris Hilton in April launched her first NFT drop on Nifty Gateway, for which she has collaborated with Blake Kathryn, an acclaimed digital artist.
- Lim and Cheo began work on their startup before the coronavirus pandemic started. The app works only on iPhones now, but an Android version is being tested.
- “ARC” partly expresses the founders’ goal to bridge the real and virtual worlds and the transition to Web 3.
- “We want to create a community that Asia has never seen before,” Cheo told Bloomberg. “We saw the world change a lot, especially after Covid. People in this target segment now all want a sense of belonging.”
Read more: A Crypto Guide to the Metaverse
STORY CONTINUES BELOW
Greg Ahlstrand
Originally from California, I've been Asia-based since 1999, headquartered in Hong Kong and Jakarta and traveling throughout the Asean countries, Japan, Korea, the Chinese mainland and Taiwan for stories. Made Australia a couple of times, too. I started my journalism career as a news assistant at the Fresno Bee in Central California while studying the subject in school after the Navy. I went from launching and recovering helicopters on flight decks at sea to recovering papers fresh off the printer in the Bee's basement and launching them onto the editors' desks, whose editors had long since gone home for the night. Eventually, they let me stop delivering the paper and start writing stuff in it. My first beat was night cops: liquor store robberies, gang shootings, fatal car crashes (almost always alcohol related). It was an education. I am, as implied above, a U.S. Navy veteran. I served in seagoing helicopter squadrons as an aviation anti-submarine warfare technician throughout the Asia Pacific region and the Indian Ocean. I have a significant number of sailor stories to tell. I have no significant crypto holdings. Among my hobbies are welding, building stuff, home remodelling, (or knocking a house down and starting from scratch if it's too far gone to fix), riding horses and rebuilding old tractors. So far I've done a Ford 8N and a Ford 9N. It's slow going, because I live in Hong Kong and the tractors are in California, so I only get to work on them once or twice a year, for a week or two at a time - and that was before covid. I love my Lab, Cooper, whom my neighbors asked me to adopt two years ago when they moved back to Shanghai from Hong Kong. Cooper and I actually planned the whole thing -- we've known each other almost his whole life -- but his first parents are unaware of the conspiracy; and they send him Christmas presents every year.
