Singapore is ranked as one of the most expensive cities in Asia. And we have not been immune to rising inflation and cost of living. With a possible economic recession looming in the horizon, there is fear, uncertainty, and doubt for everyday Singaporeans.
And when financial challenges come about, it’s usually our standard of living – self-care and discretionary spending that gets sacrificed first.
Even when faced with financial challenges, we have to upkeep payments for housing, utilities, children’s education and other necessities.
What gets given up first is usually discretionary spending for things like self care, recreation, lifestyle options. Perhaps terminate that gym membership, or reduce our TCM or physiotherapy sessions. Or maybe give up our beauty regiment and treatments..
But giving up self care & lifestyle stuff is tough, and it’s horrible for the local economy. Our local SMEs that rely on retail and discretionary spending, who are still recovering from COVID disruptions, again will be affected if consumers stop spending.
And if inflation keeps going up or if there’s a recession, everyday people living in Singapore and our SMEs will both suffer.
This is precisely LifesDAO’s focus: keeping discretionary spending alive in the challenging times ahead.
At LifesDAO, we maintain 100+ lifestyle facilities islandwide. LifesDAO members have a monthly entitlement to go for gym & PT classes, facials & spa massages, hair & beauty sessions, Physiotherapy & TCM, and recreational activities for all ages.
Even if a recession happens, our LifesDAO members are able to afford these services at no cost.
LifesDAO is able to defray cost of living for those who can afford our NFT membership. But what about those who cannot?
To assist all levels of society in benefiting from LifesDAO’s proposition, we reached out to South East Community Development Council to propose creating a special class of LifesDAO NFT to benefit the vulnerable.
The LifesDAO X South East CDC NFT membership was conceived. It is a unique NFT which generates 500 credits
per month to use with LifesDAO’s partner merchants.
Social Purpose Entities (SPEs) under South East CDC’s oversight would identify vulnerable members of society
and scope out their needs.
LifesDAO will then utilise the credits to benefit them,
and cover the cost of the services.
We launched our LifesDAO X South East CDC partnership in October 2022.
Under South East CDC’s guidance & oversight, LifesDAO is adopting vulnerable seniors & single mothers under the stewardship of Filos Community Services.
A total of 720 families over 10 years will benefit from the partnership.
We are thrilled to be at the forefront of the Web 3.0 wave, partnering with an a home grown NFT project whose value is underpinned by real-world utility and amenities that can be tangibly and personally experienced, to provide services for the vulnerable in our community.
We are heartened to have such meaningful partnerships that support the vulnerable in the community, 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.
