Young Singapore billionaires launch ARC, an app run by NFTs

Son of Singaporean billionaire Peter Lim, Kiat Lim has entered the NFT space with his launch of a private digital community known as ARC. He has partnered with Elroy Cheo, an heir to the edible oils firm Mewah International, to create an exclusive community composed of Asian entrepreneurs, venture capitalists, Web3 developers, cryptocurrency experts, and social influencers.

“Access today, share opportunities tomorrow, that’s our tokenization strategy and what makes ARC stand out from any other networking platform,” ARC cofounder Kiat Lim said in a statement. “ARC’s ambition is to be a bridge across the real and virtual world today, and, in the near future, the ARC metaverse.”

The ACR app uses NFTs to authenticate membership and is already available on the Apple store, the company has also been developing a version for Andriod users.

ARC’s app aims to promote collaboration between entrepreneurs by serving as a community where members can share ideas and launch new businesses.

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

“By creating a safe space for Asia’s dynamic and purpose-driven generation to connect authentically, ARC is a new collaborative destination that opens up endless possibilities,” ARC cofounder Elroy Cheo said.

According to its creators, the app will build a community of individuals from Taipei, South Korea, and Australia to network and collaborate on projects. Following this, it will host exclusive events before developing an ARC metaverse.

As for payment, the company plans to charge annual subscription fees for those who do not purchase their NFTs.

In the past, Cheo has dabbled in crypto and NFTs while helping expand his family’s business into new markets. He plans to incorporate a metaverse in ARC as well as gaming and decentralized finance elements so members can earn through their participation.

Source: Forbes, Bloomberg