LifesDAO NFT – An NFT that pays your monthly expenses
SINGAPORE – Singapore’s Community Development Council (CDC) recently announced a partnership with LifesDAO NFT, a project that aims to cover the cost of living using Blockchain and Smart Contract technology.
Singapore has been perceived as one of the most expensive cities to live in Asia. With soaring inflation and an incoming recession, the rising cost of living threatens both consumers and investors in the city-state.
Enter LifesDAO: An NFT project with simple real-world tools – it pays for your lifestyle expenses every month, while you hold on to NFT.
So how does LifesDAO NFT work? According to the website, NFT generates credits that are used at gyms, spas, salons, physiotherapists and Traditional Chinese Medicine (TCM) practitioners in Singapore. NFT owners can also share NFT’s benefits with friends and family.
Furthermore, LifesDAO credits generated by NFT pay for 100% of expenses at their points of sale. There is no out-of-pocket component, no subscription fees, and no hidden costs. Based on the prices on the LifesDAO store, we calculated the return on investment (ROI) for a LifesDAO NFT ranging from 13.6% to 25.0% per year. This is based on the white paper that 1 LifesDAO credit is valued at 1 Singapore Dollar.
So while consumers have to cut back on discretionary spending due to inflation, investors in LifesDAO are able to afford the same services and enjoy a similar standard of living, while enjoying a decent return on investment on the NFTs.
But what about the current uncertainty and volatility in the cryptocurrency market? Apparently this does not affect LifesDAO NFT, which are purchased and generate credits valued only in Singapore Dollars. Therefore, LifesDAO remains unaffected by the crypto market and any volatility that affects cryptocurrencies.
Instead, LifesDAO focuses on “covering the cost of living using Blockchain and Smart Contract technology”. According to co-founder Pulse Tan, “…But this is not limited to only those who can afford the technology [NFT]. We want to help even those who cannot afford the technology as well. That’s why we reached out to the CDC to help vulnerable members of the community.“
The Singapore government has been conservative in its stance on cryptocurrency. Amidst the recent Terra Luna collapse, it has responded with intentions to further tighten cryptocurrency trading. But perhaps LifesDAO can be a model of how Web 3.0 projects should be in the city-state – distanced from cryptocurrency, decentralized finance and speculative investments. Instead, it focuses on practical utility that creates social good for all.
If you are interested in learning more about LifesDAO, visit their website or buy an NFT (in Singapore dollars).
About LifesDAO – LifesDAO is a Singapore-based NFT project that focuses on using Blockchain & Smart Contract Technology to meet the cost of living. Their current ecosystem exceeds over 100 lifestyle stores across Singapore and a growing community of users in Singapore.
LifesDAO
COMTEX_416261445/2776/2022-10-09T16:53:09
