As demand for valuable NFTs like the Bored Ape Yacht Club reaches new heights, two Singaporean wealthy investors have formed an elusive underground NFT club.
Known as ARC, the secretive startup invites people from countries like Taiwan, South Korea and Australia to buy their non-fungible tokens and connect with other traders.
As reported by Bloomberg, the founders are 28-year-old Kiat Lim, the son of Singapore's top stockbroker Peter Lim, and 37-year-old Elroy Cheo, whose family owns the oil company Mewah International.
A way of claiming ownership over a piece of online content, NFTs can reach millions of dollars in value or be subject to scammers trying to get in on the hype. The club is to consist of crypto and NFT enthusiasts who discuss their trading experiences and an online metaverse of member-only events. To join, users will have to be referred by an existing member.
"We are a networking ecosystem that encompasses online and offline experiences, and pushing online boundaries," Lim told interviewers in Singapore.
The metaverse, or a broad term referring to a virtual and augmented reality online community that assigns avatars to users, has been picking up serious steam in recent years.
With analysts comparing it to the early age of the internet, everyone from top investment firms to companies like Nike ( (NKE) - Get NIKE, Inc. Class B Report) and Chipotle ( (CMG) - Get Chipotle Mexican Grill, Inc. Report) have been trying to get an early shot at retaining clients in it.
ARC, whose name is meant to represent an arc between the off- and online worlds, had been in development prior to COVID-19 and is currently only available on iPhones. The Android version is to come later this year.
"We see the world change a lot, especially after Covid," Cheo told Bloomberg. "People in this target segment now all want a sense of belonging."