Crypto Utopia “Satoshi Island” Receives 50,000 NFT Citizenship Applications
Step aside, El Salvador, there’s a new bitcoin-centric destination on the map. As a private 32 million square foot island sanctuary in the remote South Pacific, Satoshi Island is a “place where the crypto community can call home.”
A combination of honeymoon getaway, Bond-villain lair, and naturalist paradise, there’s one enigmatic exception to Satoshi Island: it’s 100% crypto. Speaking 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 property on the island is represented by NFTs.”
With its name inspired by the creator of Bitcoin (BTC), Satoshi Nakamoto, the team added that “the island intends to host events throughout the year, host and be the headquarters of crypto projects as well as being a gathering place for crypto enthusiasts around the world”.
Further down the road, the island could “operate as a decentralized self-governing organization”. To date, they have purchased an island, obtained construction permits, and reached the milestone of 50,000 non-fungible visa token (NFT) applications to become permanent crypto residents. An NFT market is currently silent.
Creating a crypto utopia may seem unassailable even to the ambitious crypto community. Yet the Founders have already received “50,000 applications for our NFT Free Citizenship, acting as a whitelist to enter our Land NFT sale, while also allowing the holder to live on the island with many other benefits.”
Each house will be an NFT, or a “Satoshi Island Land NFT”, which can be traded. For traditionalists, NFT holders can “transform their digital rights into physical documents on the official land registry of Vanuatu”.
Unlike famous flops such as Fyre Festival or CryptoLand – or any other failed fantasy project from an overenthusiastic team of venture capitalists – Satoshi Island has laid out a strategy, ticking off key developments in an orderly fashion. The team scoured the globe to choose a location, followed legal process, and avoided paid marketing or influencer campaigns.
Watch our video and see how we turn a dream into reality!
Yes we already own the island
Yes we can expand as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise
— Satoshi Island (@satoshiisland) January 27, 2022
The vision for Satoshi’s Island began during the 2017 bull run as the “concept started as an idea to have a place where the crypto community could call home and the actual island was chosen from the years later”. In fact, “it took many years to find the right island and put everything in place to be able to release it to the public”.
First, the island had to be remote enough for privacy but not so remote that development would be too difficult. Second, the island should not be exposed to climate change and be protected from natural disasters. The difficulty of finding a suitable location was compounded by the fact that while it was “undoubtedly exciting” to travel the world in search of an island to sell, they “had to be realistic”.
“This project started as a crypto project looking for an island, not an island looking to become a crypto city.”
Additionally, the government that runs the territory must be “open to the idea of a crypto city.” Finally, after years of research, the team was onto a winner with Vanuata: “The government showed a willingness to innovate and were open to discussions right away.”
Indeed, 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 doors” to DAOs.
Vanuatu lacks “jobs and tourism”, while in terms of animals the island – which was once called Lataro – was overexploited and over-poached. The coconut crab population was “near extinction” before the land purchase.
The government of Vanuatu has warmed to the idea of creating a forward-looking space where job creation would be high. When it comes to crabs, the plan is to revive declining wildlife populations.
“The Minister of Finance was already interested in the idea of a digital economy and the use of blockchain technology when we spoke to him, so he was very excited that our company and many of the bright minds of our industry call Vanuatu home. ”
The team has since received a letter of support from the government to begin building on the island using the “latest and best sustainable technology” as the solar energy features are just one example of addition to new build modular homes. The architect of the project added that “it’s a wonderful opportunity for them to build a plot from scratch”.
All energy produced on the island will come from renewable sources. Meanwhile, the team said they were “not really focused on cryptocurrency mining.” Instead, the plan is to use “solar panels built on top of homes to run the entire community essentially on a shared grid.”
When asked if bitcoin mining enthusiasts could pack an S19 in their suitcase to be able to mine sustainably, the team said it was still not a problem.
Sustainability aside, the team stressed the importance of the overall vibe of the island. “It is not a seaside resort” because it will be a “home” with “a permanent population”. According to the website, the goal is to be considered the “crypto capital of the world” — an unachievable goal without permanent residents.
21,000 investors or residents, echoing the 21 million Bitcoin that will ever be mined, will be the island’s workforce. Naturally, residency is granted via an NFT minted on the blockchain. To date, 50,000 people have expressed interest in the project, embracing the vision of a “community where they can live, work and visit all year round”.
However, 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 government of Vanuatu says citizenship costs $130,000.
The NFT market is imminent as the construction of the physical development of the island is underway. A “private opening” of the island is planned for the fourth quarter of this year for short-term visits. In early 2023, NFT owners “will be able to begin residing on the island”.