- Fyre Festival Island, the disreputable location will be remodeled for the crypto elite.
- Every home will be built on the beachfront, inner harbor or oceanfront of the Caribbean island.
- AGIA International Co-founder has shared that they are committed to boost the local economy as well as create sustainable jobs.
In 2017, the failure of the Fyre Festival became such a drama that it was converted into a Netflix documentary. As per the latest news, a firm wishes to place that Bahamas island on the map again and with NFT-gated luxury villas.
Fyre Festival island to be transformed into luxe, crypto-only resort https://t.co/lu5enA3rdh pic.twitter.com/KhuLPEj1ER
— New York Post (@nypost) October 20, 2022
A press release has mentioned that AGIA international, the company, has claimed that it will sell “60 ultra-luxurious villas and pavilions” on the Great Exuma Island. Also, it will be the one and only community that will be sold through NFTs. The press release has also mentioned that the size of the building will vary from 1,000 to 6,500 square feet.
The project’s website has mentioned that interested residents will have to pay $10,000 to feature on the ‘allowlist’ or the project’s presale list. The price of homes will range from $1.5 million to $5 million.
Every home will have a private pool as well as a deeded private floating boat slip. For super yachts, there will be a private marina. Resort-based amenities will be offered including a marina village with bars, restaurants and boutiques.
Erik Sanderson, AGIA International Co-founder, said that the reason behind purchasing the property was its future and not its past.
The release also claimed that owing to the new development, 150 jobs will be created during the construction phase besides 125 long-term hospitality jobs.
Though it looks like a publicity stunt, this is definitely not the first time when someone is using or plans to use an NFT like a de facto “deed” indicating ownership on real estate or physical property. During the ongoing bear market, a number of real houses have been sold through NFTs.
Meanwhile, it is important to know that minting any NFT that’s associated with high yet unrealized promises may prove quite risky. Since blockchain transactions are irreversible on networks such as Ethereum, users may get refunds in case AGIA’s project turns out to be the next Fyre Festival.