Elroy Cheo on How Asia Is Revolutionizing Web3

Elroy Cheo, co-founder of the influential Web3 collective ARC, aims to redefine digital communities. Alongside fellow entrepreneur Kiat Lim, Cheo has transformed ARC into a hub for global Asian diaspora collaboration, utilizing a Stellar NFT and a Soulbound Token called Fyrian to provide access to the ARC app, exclusive events, and merchandise. His vision is to establish a meritocratic network based on shared objectives and collective action. In this interview, Cheo shares his insights on how his background in property development and music has influenced his approach to building ARC, and why he believes Asia is uniquely positioned to drive the next phase of NFT innovation. Cheo's journey into Web3 began unconventionally, with a background in commodities and property development. His experience in overseeing a mega-city development project in China taught him the value of bringing people together to create meaningful projects. His foray into crypto was facilitated by his uncle, a 73-year-old software developer, with whom he worked on a blockchain-based music copyright project. This project, which aimed to tackle siloed databases and disputes over ownership in the music industry, not only survived without relying on a token but also instilled in Cheo the importance of creating value in crypto. This ethos has guided his approach to building ARC, a Web3 collective inspired by Balaji Srinivasan's network state theory. For Cheo, community is about fostering genuine connections and relationships, rather than merely accumulating numbers or focusing on floor prices. ARC promotes a 'give value to receive value' ethos, encouraging members to support one another and engage in mutual support. Cheo also highlights the differences between Asian and Western Web3 communities, noting that while Western communities are more vocal on platforms like Twitter, Asian communities tend to be more reserved and active in private groups. Despite this, Asian liquidity is substantial, and Cheo believes it's time for Asian Web3 communities to capture mindshare, not just liquidity. In terms of NFT evolution, Cheo is excited about the shift towards pseudonymity, where individuals can hide behind avatars while showcasing their skills and knowledge. He envisions NFTs as status symbols, representing expertise, achievements, or recognition, and having real-world impact. With ARC's membership capped at 888, Cheo emphasizes the importance of exclusivity tied to brand value and proper community management. He believes that scaling is possible with the right frameworks, citing the example of Reddit, which leverages guidelines and moderation tools to manage millions of users. Cheo also addresses common misconceptions about NFTs in Asia, particularly the view that NFTs are purely revenue streams. Instead, he believes NFTs can be used as tools for community building, fostering growth, and creating advocates. Ultimately, Cheo is excited about the talent and innovation in Asia's Web3 space, particularly in DeFi and NFTs. His advice to builders is to stay passionate, curious, and focused on their purpose, treating their projects as social experiments. He looks forward to sharing his insights on using NFTs to build communities at Consensus Hong Kong.