Beware embracing blockchain as a way of doing good

THE Monetary Authority of Singapore (MAS) has repeatedly said cryptocurrencies are not for the retail investor – the man in the street. But for all the missives and proclamations, blockchain projects are still popping up that could normalise crypto to the same audience that should avoid them.

Take, for example, Lifesdao, which is selling non-fungible tokens (NFTs) that promise to generate monthly credits for the holders. Depending on how much you are willing to pay for the NFT, you will get up to 300 credits a month. Each credit is worth S$1 and can be spent at Lifesdao’s network of merchants for lifestyle services. Credit balances reset every month.

Lifesdao said that it will be able to sustain this project because proceeds from the NFT sales go in a locked trust and are invested with various financial institutions – to earn a yield and pay operating costs.