- Sons of Singapore Moguls launched a private NFT-based social networking App dubbed ARC.
- Peter Lim’s son Kiat Lim and Mewah International’s Elroy Cheo, said those who shun its NFTs will pay an annual subscription fee.
- The two have a long-term goal of creating an “ARC metaverse” that will have gaming features.
Two Singapore moguls’ sons have launched an NFT-exclusive social networking App, dubbed ARC that will require an annual subscription fee from those who shun its NFTs.
Peter Lim’s son Kiat Lim and Mewah International’s Elroy Cheo said they will create an “ARC metaverse” that will also come loaded with gaming features. The app will be open to anyone that owns the ARC non-fungible token.
The start-up’s mission is to connect individuals from Taiwan to Australia and South Korea to network, helping them to collaborate on projects.
The ARC metaverse will also be used to host exclusive events, according to Bloomberg.
“We are a networking ecosystem that encompasses online and offline experiences, and pushing online boundaries,” Lim told the media company.
Lim and Cheo are the latest in a growing list of descendants of renowned tycoons jumping into the NFT craze. Paris Hilton launched her first NFT drop last April. She teamed up with designer Blake Kathryn to launch her own collection of three unique pieces, with one piece “Iconic Crypto Queen”, selling for $1.11 million.
Lim and Cheo’s goal seems to be different to Hilton’s, given that they want to maintain a metaverse club. The two started working on the App long before the Covid-19 pandemic started. Although the app only works on the iPhone, they plan to roll out an Android version soon.
But this won’t be the first social network platform to trial NFTs. Recently, self-acclaimed free speech short-messaging and micro-blogging platform Parler said it was planning to expand into NFTs, days after backing Melania Trump’s first NFT drop.
Parler said it was going to build an NFT pipeline that builds communities and fosters creativity.
On the other hand, Lim and Cheo are using ARC as part of their broader Web 3.0 plans, helping to bridge the gap between the real world and the metaverse.
Speaking to Bloomberg, Cheo said the plan is to create a community that Asia has never seen before, adding that it is important to see real change, especially given the social impact of the pandemic. “People in this target segment now all want a sense of belonging.”
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