A age group of real the three estates developers and crypto bros have join forces to create what earnestly sounds like one of the forged places I can imagine . It ’s a — get this—“luxury crypto community , ” composed of 60 property on an island that will only be for sale via NFTs .
And , bonus , the hyper - sole , stamping ground - style maturation is slat for construction atop the notorious website ofFyre Festivalon Great Exuma in the Bahamas , concord toa press releasefrom in the beginning this month . On a 60 - acre surface area of those stark and sacred priming , a company called AGIA International plans to progress a monumental marina , boat dry - storage , a resort hotel and wellness centre , a secret moving-picture show theater , private beach , eating house , and shop — in add-on to the residential “ pavilion and Pancho Villa . ”
“ We bought this property because we saw its future tense , not its past tense , ” said Eric Sanderson , co - founder of AGIA , in the news statement . Prior to starting up AGIA , Sanderson was the chief executive officer of a company that ramp up marinas for superyachts , according toa reportfrom Curbed . establish on theAGIA website , other parties involved in the new project include anarchitecture firmknown for build extravagant hotels , theWinklevoss twins’crypto commutation venture , multiple web3and / orblockchain marketingcompanies , and aluxury refuge group .
Never forget: Fyre Fest 2017.Screenshot:Netflix / Gizmodo
And you too could join in the merriment , provided you ’re willing and able to shed $ 10,000 on mint an NFT first . That ’s the price of entree just to get on the “ Allowlist , ” which is functionally a reservation that lets you stand in line to buy a property . Then , you mint another NFT adequate to the note value of the mansion house or build - site you ’d like to bribe . Note that one sleeping accommodation pavilions start at $ 1.5 million . A full , detached household will cost you between $ 2.8 million and $ 3.5 million . Finally , to seal the mess , you create one last NFT , called the “ AGIA Key , ” which essentially attend as the human activity to your new property .
So , simple : 3 NFTs and millions of dollars is all it takes to cement your blockchain access to “ newfangled - worldly concern ownership [ in ] real - world paradise , ” as term bythe promotional materials . But is it really deserving it ? Well , if you regard all of the benefits , it ’s a little easy to understand the appeal for sealed investor . And AGIA ’s advertising team was certain to say the placid part out loud .
Buying on the island offers “ permanent residency in a tax - free haven,”another online brochurefor the succeeding ontogenesis emphasizes . “ possess in AGIA give you an expedited pathway to Bahamian permanent residency , along with direct admission to one of the world ’s most advanced offshore banking arrangement … In the Bahamas , capital gains , corporate earnings , personal income , inheritance , dividend , resident pot , partnership and trusts are all tax - free . In add-on , AGIA resident are nontaxable from annual dimension taxation in the Bahamas , ” the pamphlet explains .
In years by , The Bahamas were considered a premier destination for money laundering . However , the countrywas removedfrom the Financial Action Task Force ’s monitoring tilt in 2021 . “ The country has taken significant actions to fortify its framework to fight money laundering,”declared theinternational guard dog organization . Nonetheless , Bahamas Prime Minister Philip Davis hasactively embraced cryptocurrencyand worked to attract crypto firm to the archipelago . Cryptoexchange fellowship FTX , for example , isheadquartered there .
AGIA wanted to make it clean that this is n’t a “ PR stunt ” and that the company is very serious about developing the land that was once home to the stunningly botched Fyre Fest . Why that spot ? Because it ’s “ construction ready , ” an AGIA spokesperson told Gizmodo in an email .
Why NFTs ? Honestly , still unclear to me . Though the spokesperson explicate that , “ go the NFT route removes the slow - moving , expensive traditional layers [ from real acres ] including lenders , mortgage brokers , real estate federal agent and form of address companies ; none of these are require with blockchain technology . ” deed over , there is protection in the traditional path . At least you get it on , at the destruction of the process , you ’ll actually be getting what you ’re paying for .
As of yet , almost all of the promises of AGIA outlined in those fancy renderings and photo collages are unbuilt . The opened period for making a purchase start this month . But Gizmodo would be remiss in its duties if we did n’t remind you that buying one of those $ 10,000 wait lean spots is inherently deal a gamble . If the biotic community never materializes , those blockchain transactions are certainly non - refundable .
And if AGIA does fail , it would n’t be the first time a luxury maturation has stagger on the same site . Before it was the location of Fyre Fest , the plot of land in interrogative was Roker Point Estates , a project first kibosh by the 2008 recession . The part completed grammatical construction there languish for more than a decade and was up for sale as a complete package asrecently as 2018 , as first report by Curbed .
The even bigger caution : if AGIA does give out , it certainly would n’t be the firstblockchain ventureto do so . You could be sceptical of the whole operation . It might even be logical to wonder “ is this a scam ? ”
Or you could lease yourself be lulled into a passive stupor by thiswater gifon the AGIA landing place Sir Frederick Handley Page .
“ We have a building - ready site , the support of the Bahamian authorities , a fully entitled plan and the ability to straight off convey sea and harbour front acres to the emptor in a crypto - friendly country with a static republic , ” say a troupe representative in an email to Gizmodo . And with all that in place , what could possibly go unseasonable ?
Update 2024-12-19 , 2:10 p.m. ET : This narrative has been updated with gossip from an AGIA spokesperson .
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