Step aside, El Salvador, there’s a new Bitcoin-centric destination on the map. 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. An NFT marketplace is currently 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 scoured the globe to choose a location, respected the legal process and avoided paid marketing or influencer campaigns.
The team has since received a letter of support from the government to start building on the island using the “latest and greatest sustainable technology,” as solar power features are just one example of being added to the new builds of 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’s not a 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 headcount. Naturally, residency is granted via an NFT minted on the 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. A “private opening” of the island is planned for quarter four this year for short-term visits. By early 2023, NFT homeowners will “be able to begin residing on the island.”