Image Credit: Satoshi Island
Meet Satoshi Island, a 32 million square foot private island that gives you access to pristine waters, year-round sunlight, modular homes and the promise of a decentralized democracy.
The Satoshi Island we are talking about is not a story of fiction, but a real private island dedicated to the crypto community.
A home for crypto enthusiasts to thrive, from 2023
Located in the tropical paradise of Vanuatu, between Australia and Fiji, the island is owned by Satoshi Island Holdings Ltd., which plans to turn it into “the crypto capital of the world” – a place where crypto enthusiasts and professionals can thrive.
And the island’s name isn’t surprising — inspired by Satoshi Nakamoto, the pseudonymous person who claimed to be the original developer of Bitcoin (BTC).
“After years of preparation, green light from the Prime Minister and Finance Minister of Vanuatu and all approvals, Satoshi Island is now ready to be developed into a true crypto-economy and blockchain-based democracy,” the company said. the island in the future will function as “a decentralized autonomous organization”.
In an interview with Cointelegraph last week, the Satoshi Island team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero said the crypto paradise will be “a true crypto economy” where everything can be paid for and bought in crypto. All asset ownership on the island is represented with Non-Fungible Tokens (NFTs), powered by blockchain.
With modular homes currently under construction, Satoshi Island plans to open its doors to the world from 2023:
An illustration showing what the modular homes by the sea of Satoshi Island will look like (Satoshi Island)
‘A metaverse mirrored in reality’
Don’t be fooled into thinking that so-called modular homes, such as NFTs, only exist in the digital world. Each house will be a “Satoshi Island Land NFT” that can be traded just like an NFT.
“Satoshi Island takes the next step in the evolution of NFTs by introducing a way to convert digital property into physical,” explains the company.
“Anyone can own a portion of the island by acquiring Satoshi Island Land NFTs that can be easily bought and sold, without the complications associated with traditional real estate transfers.”
However, the founders explain that NFT holders can convert their digital rights into physical documentation in Vanuatu’s official land registry.
And it doesn’t stop here. The island’s majestic plans also include hosting crypto-focused events throughout the year, housing crypto projects, and gathering a place for crypto enthusiasts around the world.
Nationality NFTs are free, citizenship costs $130,000
The founders of Satoshi Island state that they have been inundated with more than 50,000 visa non-fungible token (NFT) applications from crypto enthusiasts around the world eager to become “permanent crypto residents”.
And those who become Satoshi Island NFT “citizens” will additionally enjoy an earlier “private opening” for the fourth quarter of 2022, when the island’s borders open to short-travel NFT citizenship holders.
An artistic concept of a Satoshi Island (Satoshi Island) neighborhood
NFT citizens will also be given the right to vote on the policies governing the island. Each wallet can only hold one citizenship and that NFT counts as one vote. And NFT Mints & Airdrops are another benefit given to such citizens: “Addresses with an NFT for citizenship are automatically whitelisted for early access to all NFT Coins and Airdrops from Satoshi Island,” the company explains.
Please note, however, that the Visa or Nationality NFTs in this context do not represent or grant an immigration permit to the island, requiring a separate, governmental visa process.
Anyone can apply for Satoshi Island NFT citizenship these days, but that should not be confused with the term “citizenship” as it is popularly understood.
The island’s website explicitly states, “Satoshi Island Citizenship NFTs have no relationship with Vanuatu citizenship,” and the company a clarification tweeted reinforce the fact.
Anyone, regardless of whether they hold Satoshi Island citizenship, must be considered eligible to enter the Republic of Vanuatu and hold a valid government-issued visa, or have a passport from one of the 130 countries offering visa-free travel to allow Vanuatu .
The Republic of Vanuatu offers a separate citizenship application process through the investment route which costs at least US$130,000 for a single applicant.
“It is important to remember that a Satoshi Island Citizenship NFT is not the same as a Vanuatu Citizenship. However, Vanuatu has a respected citizenship through an investment program for those seeking a second passport,” the island team explains.
“For those seeking to take advantage of this program, Satoshi Island Citizenship NFTs provide holders with access to our expedited processing through Vanuatu Investment & Migration Bureau.”
As appetizing as all this sounds, and despite the approval of the Prime Minister of Vanuatu, new ventures with volatile financial assets such as cryptocurrency and NFTs always carry inherent risks, including the risk that they never materialize.
In January, a similar venture like Crypoland – a “tropical haven for cryptocurrency enthusiasts” failed to land a Fiji resort in a $12 million deal that fell apart.
In addition, it is not yet known what all legal guarantees and rights, if any, will be granted to “NFT citizens” by the policies of the Vanuatu government. As such, until Satoshi Island’s glorious plans become a reality, there remains the risk of losing money on goods and services that you may pay for but never receive.
Editor’s Note: This is not a promotion. Neither BleepingComputer nor the author receives any financial incentive or material favor from Satoshi Island, its affiliates, or cryptocurrency platforms for the publication of this piece.
This post ‘Crypto Paradise’ Where Citizenship Costs $130,000
was original published at “https://www.bleepingcomputer.com/news/cryptocurrency/satoshi-island-crypto-paradise-where-citizenship-costs-130-000/”