The son of a Singaporean conglomerate who is also the founding family of a vegetable oil company called Luxury International Inc, will establish ARC.
ARC is an NFT based personal social networking application that will be open to anyone who has their NFT.
Reporting from Yahoo Finance , Thursday (01/06/2022), according to a report from Bloomberg on Thursday they plan to eventually make "ARC metaverse," ie virtual communities large which includes elements of the game.
Kiat Lim (28), who is the son of financiers Peter Lim and Elroy Cheo, said ARC's app-based community will connect people from Taipei, South Korea to Australia to network with each other and collaborate on projects and share stories.
Lim's next step was to host an exclusive member event and then create an ARC metaverse with game elements. ARC will charge an annual subscription fee to those who do not have NFT ARC.
“We are a network ecosystem that spans both online and offline experiences, and pushes boundaries online,” Lim told Bloomberg, as quoted from Yahoo Finance, Thursday (5/1/2022).
Lim and Cheo started working on their startup project before the COVID-19 pandemic started. This app only works on iPhone now, while the Android version is still in the testing phase.
Purpose of Establishing ARC
Their goal in establishing ARC was to bridge the real, virtual and transitional worlds to Web 3.
“We wanted to create a community that Asia had never seen before,” Cheo told Bloomberg.
"We see the world changing a lot, especially after Covid. People in this target segment now all want a sense of belonging," he added.
This is not the first time that a company owned by a wealthy person has jumped into the NFT phenomenon. Previously, Paris Hilton in April launched her first NFT at Nifty Gateway, which was a collaboration with Blake Kathryn, a renowned digital artist.
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