Singapore's wealthy millennials are serious about the global trend for non-fungible tokens (NFTs) as Kiat Lim — son of Singapore's leading stockbrokers Peter Lim — and Elroy Cheo — of the family behind edible oil business Mewah International — have teamed up to launch their own NFT-based social app called ARC.
According to Forbes, the platform is focused on Asian entrepreneurs, Web3 developers, and VCs. The main idea behind the venture — to discuss topics "such as the challenges of launching new businesses amid the lingering impact of the COVID-19 pandemic." ARC Co-Founder Kiat Lim added:
ARC’s ambition is to be a bridge across the real and virtual world today, and, in the near future, the ARC metaverse.
The ARC app — which is currently in beta — wants to bring together entrepreneurs from Taipei to Australia by authenticating their membership via NFTs. As of press time, the app is available for iOS only.
Read also: Chris Dixon Launches New Web3 University
As To The Moon earlier reported, the COVID-19 pandemic brought a lot of attention from venture capitalists to the Web3 space as many creators and influencers left their jobs to start businesses from scratch.
Ann Bordetsky, an NEA partner, said the investors aren't looking for the fundamentals as the smart money wants to see a "killer product and team."