- Kyle Chua
Singapore's South East CDC To Provide Cost of Living Benefits via NFTs
South East Community Development (South East CDC) announced on Wednesday, 5 October, that it’s teaming up with Singapore-based blockchain company LifesDAO to provide cost-of-living benefits to vulnerable families via non-fungible tokens (NFTs).
The partnership looks to dispense a total value of S$60,000 over a 10-year period to those residing in the South East District. The NFTs will allow vulnerable families to avail a broad range of lifestyle services and products that can improve their quality of life.
LifesDAO NFT holders can visit partner outlets and have access to health, beauty and recreational services, among others.
"We are thrilled to be at the forefront of the Web 3.0 wave, partnering with a homegrown NFT project," said Mr Fahmi Aliman, Mayor of South East District. "It is the first time that we are social brokering through NFTs to provide services for the vulnerable in our community."
Within the first year, the partnership plans to give Social Purpose Entities (SPEs) such as Filos Community Services and their beneficiaries access to the benefits provided by LifesDAO’s NFTs, worth a total value of S$6,000. Up to 120 individuals and their families can enjoy services like traditional Chinese medicine, physiotherapy, fitness classes and hair salons from LifesDAO’s rapidly growing ecosystem of more than 100 merchant outlets.
A one-month trial was facilitated by South East CDC with Filos Community Services and LifesDAO to help the beneficiaries make the most of their NFTs.
"Blockchain technology should not only enrich the lives of those who can afford it, but also especially enrich the lives of vulnerable families in our community," said Mr Pulse Tan, Co-Founder and CTO of LifesDAO. "This partnership with South East CDC has allowed us to fulfil our mission to defray cost of living at all levels of society."
South East CDC was set up in 2001 to oversee the Marine Parade Group Representative Constituency (GRC), East Coast GRC, Mountbatten Single Member Constituency (SMC) and MacPherson SMC, serving a population of about half a million.
South East CDC announced it is teaming up with Singapore-based blockchain company LifesDAO to provide cost-of-living benefits to vulnerable families via non-fungible tokens.
The partnership looks to dispense a total value of S$60,000 over a 10-year period to those residing in the South East District.
NFT holders can enjoy services like traditional Chinese medicine, physiotherapy, fitness classes and hair salons from LifesDAO’s rapidly growing ecosystem of more than 100 merchant outlets.