The South East Community Development Council (South East CDC) will provide cost of living benefits through non-fungible tokens (NFTs) by local blockchain company LifesDAO. The NFTs will be distributed over 10 years and sum up to $60,000.
In the first year of the partnership, Social Purpose Entities, such as Filos Community Services, and their beneficiaries can access the benefits provided by LifesDAO’s NFTs, with a total value of $6,000.
The NFTs will enable 120 vulnerable individuals and their families in the South East District to access lifestyle services from LifesDAO’s rapidly growing ecosystem of more than 100 merchant outlets across Singapore. These services include traditional Chinese medicine, physiotherapy, fitness classes, and hair salons.
“It is the first time we are social brokering through NFTs to provide services for the vulnerable in our community. We are heartened to have such meaningful partnerships, initiatives like this serve as a part of our mission to strengthen social infrastructure in our community by identifying and addressing the different needs of our residents,” says Fahmi Aliman, mayor of South East District.
Pulse Tan, co-founder and CTO of LifesDAO, says: “LifesDAO NFTs are designed to grant its holders lifetime access to lifestyle services from participating merchant outlets in Singapore. 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. This partnership with South East CDC has allowed us to fulfil our mission to defray the cost of living at all levels of society.”
To ensure inclusivity, South East CDC facilitated a one-month trial with Filos Community Services and LifesDAO to understand how beneficiaries, such as the elderly, can utilise NFTs.
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“We are glad to be partnering with South East CDC and LifesDAO for this initiative. Our clients found the network of services relevant and meaningful, and we saw strong support to continue utilising these services,” shares Vivien Yeo, community engagement manager of Filos Community Services.
