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 defrays 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 skyrocketing inflation and incoming recession, the rising cost of living threatens both consumers and investors alike in the city state.
Enter LifesDAO: An NFT project with simple real-world utility - it pays for your lifestyle expenses every month, while you hold onto the NFT.
So how does LifesDAO NFT work? According to its website, the NFT generates credits which are used at gyms, spas, salons, physiotherapists and Traditional Chinese Medicine (TCM) practitioners in Singapore. NFT owners can also share the NFT's benefits friends and family.
Furthermore, LifesDAO credits generated by the NFT pays for 100% of the expenses at its merchant outlets. There is no copayment component, no subscription fee, and no hidden costs. Based on the prices on the LifesDAO shop, we calculated the Return on Investment (ROI) of a LifesDAO NFT ranges from 13.6% to 25.0% per annum. 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 is purchased and generate credits solely valued at Singapore Dollars. Therefore LifesDAO remains unaffected by the crypto market and any volatility affecting cryptocurrencies.
Instead LifesDAO's focuses on "defraying costs of living using Blockchain and Smart Contract technology". According to its CoFounder 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 partner the CDC to help vulnerable members of society."
The Singapore government has been conservative in its stance towards cryptocurrency. Amidst the recent Terra Luna collapse, it has responded with intentions to further tighten cryptocurrency trading. But perhaps LifesDAO can be a role model on how Web 3.0 projects should be in the city state - distanced from cryptocurrency, decentralised finance, and speculative investing. Instead it focuses on real-world utility that creates social good for all.
If you're interested to learn more about LifesDAO, visit their website or purchase an NFT (in Singapore Dollars).
About LifesDAO - LifesDAO is a Singapore-based NFT project focusing on using Blockchain & Smart Contract Technology to defray costs of living. Their current ecosystem exceeds over 100 lifestyle merchant outlets across Singapore and, a growing community of users in Singapore.