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HomeNFT News"Satoshi Island" crypto utopia gets 50K citizenship NFT requests

“Satoshi Island” crypto utopia gets 50K citizenship NFT requests

Step aside El Salvador, there’s now a Bitcoin-centric destination. As a 32-million-square-foot private island sanctuary in the remote South Pacific, Satoshi Island is a “place for the crypto community to call home.”

A combination of honeymoon getaway, Bond-villain hideout and naturalist paradise, there’s one enigmatic exception to Satoshi Island: it’s 100% crypto. Talking to Cointelegraph, the Satoshi Island team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero mentioned that it is:

“A true crypto-economy where everything will be paid for in crypto and all ownership on the island is represented with NFTs.”

With its name inspired by the creator of Bitcoin (BTC), Satoshi Nakamoto, the team added that “the island intends to host events all year round, house and headquarter crypto projects as well as being a gathering place for crypto enthusiasts worldwide.”

Further down the road, the island could “operate as a decentralized autonomous organization.” To date, they’ve bought an island, secured build permits and reached a milestone of 50,000 visa nonfungible token (NFT) applications to become permanent crypto residents. The current NFT marketplace is hush-hush.

The construction of Satoshi Island’s infrastructure is cemented. Source: SI

The creation of a crypto utopia may seem unassailable even for the ambitious crypto community. Still, the founders have already received “50,000 applications for our free Citizenship NFT, acting as a whitelist to enter our Land NFT sale, while also permitting the holder to live on the island with many other benefits.”

Every home will be an NFT, or a “Satoshi Island Land NFT,” which can be traded. For the traditionalists, NFT holders can “turn their digital rights into physical documentation on the official land registry of Vanuatu.”

Unlike famous flops such as Fyre festival or CryptoLand — or any other failed fantasy project from an overly enthusiastic team of venture capitalists — Satoshi Island has mapped out a strategy, ticking off key developments in an orderly fashion. The team searched the globe for a suitable location and followed the legal process. They also avoided influencer marketing and paid marketing.

Watch our video & see how we’re turning a dream into reality!

Yes, we already own the island

Yes, we can develop as advertised

Yes, the government supports our plan

Yes, our team has relevant expertise

#satoshiisland a home for crypto enthusiasts & professionals worldwide! pic.twitter.com/1O05kmfrN1

— Satoshi Island (@satoshiisland) January 27, 2022

The Satoshi Island vision began during the 2017 bull run, as the “concept started out as an idea to have a place for the crypto community to call home and the actual island was chosen years after.” In fact, “it took many years to find the right island and to get everything together to be able to release to the public.”

First, the island had to be remote enough for privacy but not so remote that development would be too difficult. The island must not be vulnerable to climate change or be subject to natural disasters. The slog to find an adequate location was compounded by the knowledge that, while it was “undoubtedly exciting” to pore over the world in search of an island for sale, they “had to be realistic.”

“This project started out as a crypto project looking for an island, not an island looking to become crypto city.”

Plus, the government managing the territory must be “open to the idea of a crypto city.” Finally, after years of searching, the team was onto a winner with Vanuata: “The government showed a willingness to innovate and were open to discussions right away.”

Indeed, the Pacific island nations are building a reputation for being crypto-friendly. Nearby, in Tonga, Bitcoin as legal tender has been widely discussed while just across the same body of water, the Marshall Islands has “opened the gates” to DAOs.

Vanuatu is devoid of “jobs and tourism” and the island, which was once known as Lataro, has been overfished and poached. Before the purchase of the land, coconut crabs were “close to extinction”.

The Vanuatu government warmed to the idea of creating a future-thinking space where job creation would be high. The plan is to restore the declining wildlife population.

“The minister was already keen to discuss the idea and use of blockchain technology and a digital economy. He was also very enthusiastic about having our company, and many other brilliant minds in our industry, call Vanuatu their home .”

The government has now sent a letter of support to allow us to begin building on the island with the latest and most sustainable technology. Solar power features are one example of what will be added to new modular homes. The architect for the project added that “it’s a wonderful opportunity for them to build a land from the ground up.”

Artistic rendering of the modular homes powered by the sun. Source: SI

All of the energy generated from the island will be from renewable sources. Meanwhile, the team said that they’re “not really focused on cryptocurrency mining.” Instead, the plan is to use “solar panels built on top of the homes to run the entire community basically on a shared grid.”

When pressed on whether Bitcoin mining enthusiasts could pack an S19 into their suitcase to be able to mine sustainably, the team said that’s still no problem at all.

The sustainability-centric modular homes under construction. Source: SI

Sustainability aside, the team stressed the importance of the overall feel of the island. It is not a resort because it will have a permanent population. This goal, according to the website, would be impossible without permanent residents.

21,000 investors or residents, echoing the 21 million Bitcoin that will ever be mined, will be the island’s headcount. Natural residency is granted by an NFT that has been minted on blockchain. To date, 50,000 people have registered interest in the project, buying into the vision of a “community where they can live, work and visit all year round.”

Nonetheless, NFT residency does not grant Vanuatu citizenship. If crypto enthusiasts want to say goodbye to fiat and hello to a year-round cryptocurrency life in the sun, the Vanuatu government states that citizenship costs $130,000.

The Land NFT marketplace for Satoshi Island. Source: SI

The NFT marketplace is imminent while building the physical island development is underway. For short-term visitors, a “private opening” is planned for quarter 4. By early 2023, NFT homeowners will “be able to begin residing on the island.”

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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