In the rapidly evolving world of Web3, Asia is carving out its own unique path. Leading the charge is Elroy Cheo, co-founder of the exclusive Web3 community ARC. With a mission to redefine the dynamics of digital communities, Cheo and his team are harnessing the power of NFTs and blockchain technology to create a hub for collaboration and innovation.
Building Communities, Not Just Audiences
For Cheo, community is more than just a buzzword. It’s about fostering genuine connections and shared goals. “Community isn’t just about numbers or floor prices; it’s about relationships,” he emphasizes. “Without bonds between members, you’re building an audience, not a community.”
At ARC, members value four key aspects: access to professional networks, opportunities to make money, lifestyle experiences, and personal growth. By delivering on these fronts, ARC has cultivated a highly engaged and aligned community driven by a “give value to receive value” ethos.
The Asian Advantage
What sets Asian Web3 communities apart? According to Cheo, it’s a combination of massive Asian liquidity and a more reserved online presence. “A small Chinese community can drive $1 billion in DeFi protocol TVL in a day, which is rare in the West,” he notes. “At ARC, we recognize this strength but also encourage members to engage more publicly.”
Asia is a Web3 powerhouse, and it’s time we capture mindshare, not just liquidity.
– Elroy Cheo, Co-Founder of ARC
NFTs as Digital Identities
Cheo is particularly excited about the evolution of NFTs as NFT status symbols and representations of digital identity. “Imagine walking into a hotel or event, and your NFT gives you instant recognition,” he envisions. “Beyond collectibles, NFTs can represent expertise or achievements, like badges on Stack Overflow.”
This shift towards pseudonymity is empowering, allowing individuals to showcase their skills and knowledge without the constraints of traditional social media profiles. ARC is exploring ways to leverage NFTs to create digital identities with real-world impact.
Scaling Exclusivity
With ARC’s membership capped at 888, how can the organization’s exclusivity and status-driven model continue to scale? The key, according to Cheo, is maintaining brand prestige and delivering consistent value. “Exclusivity works when it’s tied to brand value and proper community management,” he explains.
By leveraging contributor systems that incentivize active participation, ARC ensures that value flows to those who add to the community. Top contributors gain access to deals, events, and unique experiences, creating a virtuous cycle of engagement and growth.
Misconceptions and Opportunities
Despite the potential of NFTs, Cheo sees persistent Web3 misconceptions in Asia. “One common mistake is viewing NFTs purely as revenue streams,” he observes. “Many Asian IPs and brands still approach NFTs as transactional rather than as tools for community building.”
However, he remains optimistic about the region’s potential. With a wealth of brilliant developers and the rise of AI, Asia is poised to cement itself as a leader in the Web3 space. “AI is another exciting frontier,” Cheo adds. “Overall, I’m thrilled to see Southeast Asia leading innovation in DeFi and NFTs.”
Navigating the Bear Market
Having launched ARC during a bear market in January 2022, Cheo has valuable bear market advice for Web3 builders. “Build with passion,” he stresses. “Narratives in crypto change quickly, and without passion, it’s easy to give up.”
- Stay hungry and curious
- Treat projects as social experiments
- Focus on rapid execution with clear goals
As Cheo prepares to take the stage at Consensus Hong Kong, he’s eager to share his insights on using NFTs to build communities. “NFTs are a great way to create a brand, a culture, and a strong community,” he emphasizes. “It’s about starting with a community-first approach, which I call a Web3 social product.”
With visionaries like Elroy Cheo at the helm, Asia’s Web3 scene is not just diferent – it’s poised to redefine the very nature of digital communities and value creation. As the world watches, the region’s unique blend of innovation, talent, and community-driven ethos may just hold the key to unlocking the full potential of the decentralized web.
