Elroy Cheo, co-founder and architect of the influential Web3 collective ARC, is on a mission to redefine the dynamics of digital communities.
Cheo, alongside fellow entrepreneur Kiat Lim — the son of billionaire businessman Peter Lim — has transformed ARC into a collaborative hub for the global Asian diaspora. Members can take advantage of innovative offerings, such as a Stellar NFT and a Soulbound Token called Fyrian, granting access to the ARC app, exclusive events, and merchandise. Cheo envisions a meritocratic network anchored in shared ambitions and collective action.
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In a recent interview, Cheo elaborated on his vision for ARC, the influence of his background in property development and music on his approach, and why Asia stands poised to spearhead the next wave of NFT innovation. He will be a speaker at Consensus Hong Kong in February.
**How have your personal experiences shaped your approach to creating and building ARC?**
My journey has been unconventional — I began in commodities and property development. My last significant project was overseeing a mega-city development in China, transforming barren land into a bustling urban center. This experience was pivotal; it demonstrated how collaboration can create something meaningful from nothing.
In 2016, my entry into crypto was catalyzed by my uncle, a seasoned software developer. Together, we initiated a blockchain project targeting music copyright issues prevalent in the industry, which still thrives today without relying on tokenization. This foundation as a builder has shaped my perception of crypto — it’s about creating value, not solely investments; it’s what led to the inception of ARC.
**The term ‘community’ often loses its essence in the Web3 space. How does ARC foster genuine connections?**
Community transcends mere numbers or market dynamics; it’s essentially about relationships. We identified four key values our members seek: access to influential networks, opportunities for financial gain, lifestyle experiences, and personal growth. Our values also promote a “give value to receive value” ethos, inspired by the Chinese concept of guanxi, emphasizing mutual support over transactional interactions.
**What differentiates Asian Web3 communities from their Western counterparts?**
A significant divergence lies in communication styles. Western communities are often more vocal on platforms like Twitter, whereas Asian users may prefer private forums like WeChat or Telegram. Despite more reserved engagement, Asian markets hold immense liquidity, and ARC is dedicated to motivating our members to be more publicly active in the broader Web3 ecosystem.
**How are NFTs evolving concerning digital identity and utility?**
The movement toward pseudonymity excites me; individuals are opting for avatars over traditional social profiles, showcasing their capabilities. At ARC, we explore NFTs as entities of status, facilitating recognition in various environments. This evolution points to the potential for NFTs to represent personal achievements and skills — forging impactful digital identities.
**With ARC’s membership capped at 888, how will this exclusivity scale?**
Maintaining exclusivity while ensuring brand value is crucial. By capping membership, we prioritize quality, but we are open to scaling through structured frameworks and community guidelines akin to those utilized by platforms like Reddit.
**What common misconceptions exist about NFTs in Asia?**
Many tend to view NFTs solely as revenue streams rather than as powerful tools for community development. They have the potential to create engaging member-brand dynamics that foster long-term loyalty and advocacy.
**What excites you about Web3 innovation in Asia currently?**
Asia is home to remarkable talent, particularly in development. While language barriers pose challenges in internationalizing projects, our infrastructure is advancing, positioning Asia as a leader in Web3 innovation.
**Finally, what will you share at Consensus Hong Kong?**
I plan to discuss utilizing NFTs as a foundational aspect of community building. At ARC, we aim to create communities first, identifying them as true Web3 social products. With recent advancements in online connectivity post-COVID, I am optimistic about the future of digital-first institutions.
