Singapore’s billionaire heirs launch exclusive NFT community

Kiat Lim - son of Singaporean billionaire Peter Lim – and Mewah International’s Elroy Cheo have hopped on the NFT bandwagon with the launch of ARC, a private digital community powered by blockchain technology.

ARC is a collective of next-gen entrepreneurs and would welcome venture capitalists, Web3 developers, cryptocurrency experts, and social influencers as members – providing an opportunity to network. The club would thoroughly vet its members to make sure they are what they claim to be.

“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.”

Speaking on the project’s purpose, cofounder Cheo said, “We want to create a community that Asia has never seen before.” “We see the world change a lot, especially after Covid. People in this target segment now all want a sense of belonging.”

ARC has been in development since before the COVID crisis, and it is not Kiat Lim’s first tech venture.

In October, partnering with his father, he launched ZujuGP – a football-based digital community. Kiat Lim is also the executive director of Singapore-listed Thomson Medical Group and CEO of Thomson X, the healthcare provider’s digital platform.

ARC is currently only an app-based platform connecting members across Asia and Australia. In the future, the startup also plans to host members-only events and eventually launch an “ARC metaverse,” a huge virtual community that includes a gaming element.

The app is only available for iOS devices, with its Android version is still in development.

Access to the app is only available after authentification with ARC NFTs. Those without its NFTs can pay an annual subscription fee to use the app.

Lim and Cheo are not the fortune heirs to get into the NFT business. Paris Hilton, entrepreneur and heiress to the Hilton Hotel empire released her first NFT drop in collaboration with renowned digital artist Blake Kathryn.