According to reports, there’s a 32 million square-foot island located in Vanuatu that’s in the midst of being constructed into a crypto-centric residential community by the island’s owners: Satoshi Island Holdings Limited. Satoshi Island has attracted more than 50,000 applicants to its land. The island’s owners, Satoshi Island Holdings Limited, will issue non-fungible tokens (NFT) as the rights to the land.
After Construction Completes, Satoshi Island Aims to Be the ‘Crypto Capital of the World’
There’s an island located in Vanuatu, between Australia and Fiji, that’s currently being transformed into an island for cryptocurrency and blockchain advocates. Vanuatu is an archipelago consisting of 83 islands, which were formed originally from volcanic impacts.
In 2016, Vanuatu’s farmland was reported to have been sold for bitcoin (BTC). This happened six years before. The nation of islands’ government is well known for being crypto friendly. Satoshi Island is also selling land in Vanuatu, as the region aims to develop “into a real-world crypto economy and blockchain based democracy.”
The website explains that the island is owned by Satoshi Island Holdings Limited and the island’s goal is to become “the crypto capital of the world.” The company managing the project claims the island build has been given the green light by the Vanuatu prime minister and the nation’s minister of finance.
James Law Cybertecture, an architectural firm, is responsible for the planning and development of Satoshi Island. Satoshi Island architects are leveraging a modular development that the website calls “sustainable smart building.” Module living units can be positioned any way the owner wants and they can be combined as well.
The modules are constructed off-island, shipped to Vanuatu and then placed in place. Island residents are allowed to move in when the modules arrive. Satoshi Island Holdings explains that the team chose the nation of Vanuatu because the “government supports innovation and has crypto friendly laws.”
Satoshi Island will be built with sustainability in mind as the island’s power systems will utilize renewable energy methods. So far, there’s been a lot of interest in the crypto-focused island, as reports disclose that the company says 50,000 people have applied for residency.
Satoshi Island Land Titles Will Be Minted in the Form of NFTs, Island’s Public Opening Estimated to Begin in Q1 2023
Residents interested will also be allowed to buy their land titles as a non-fungible token. The company fully understands that “owning a Satoshi Island NFT requires a level of responsibility not usually associated with NFT ownership.” So beneficiaries will be used similarly to a last will and testament.
“Beneficiaries are applied to all Satoshi Island NFTs and holders are required to confirm wallet access periodically by calling a function in the smart contract,” the website explains. The firm will notify the landowner if an unforeseeable circumstance arises.
If they are not able, [call a function in the smart contract]Their beneficiary can claim the NFTs in order to protect their assets. If no beneficiary has been established, NFTs are subject to a 12 month decentralized redemption period, during which previous owners may retrieve their NFTs if they were misplaced. NFTs are now the responsibility of a Satoshi Island-controlled DAO.
Vanuatu citizenship, in addition to NFTs on the land, will be approximately $130,000. When the island is officially opened to the public, it will be available to 211,000 residents of crypto. In the third quarter in 2022 modular construction began. The fourth quarter will see a private open house for island citizens who have been verified. Satoshi Island Holdings projects that the public opening of their home will be held in Q1 2023. Residents can rent or live there for both short- and long-term.
Established companies and startups are also welcome to set up shop in the islands. “Companies of all sizes are welcome and we have dedicated co-working space to suit start-ups, all the way up to entire campuses where large projects can build satellite offices, company retreats, or even permanent headquarters,” the website details.
While some reports indicate 50,000 applicants have applied to live on Satoshi Island, other reports have said: “80,000 people have already applied to receive NFT citizenship on Satoshi.” That claim is according to the Sydney-resident and operations and logistics director for Satoshi Island, Denys Troyak. According to the ABC report, Troyak was interviewed by Troyak. He stated that Vanuatu’s Financial Services Commission (FSC), had issued a press release denying that licenses were granted for Satoshi Island.
Although the FSC press release was deleted from the internet, it has been saved to archive.org. However, three days ago on March 25, 2022, Cointelegraph’s Joseph Hall reported that the Vanuatu Financial Services Commission has officially approved the Satoshi Island residential community project. Hall writes that Bob Loughman, the prime minister of Vanuatu, has “officially given the green light to Satoshi Island.” In the report written by Hall published on Friday, the owners of Satoshi Island are also quoted as saying:
We can now show the world that Satoshi Island has real people. The PM’s warm words inviting us to visit their house could not have been more welcoming.
Let us know your thoughts about Satoshi Island, Vanuatu, and the NFT Land Title concept. Comment below and let us know how you feel about the subject.
Images CreditsShutterstock. Pixabay. Wiki commons. Satoshi Island website.
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