The developers are turning Fyre Fest Island into a cryptographic “paradise”

Screenshot of the Netflix documentary

A cohort of real estate and cryptocurrency developers have joined forces to create what genuinely sounds like one of the worst places you can imagine. It is a “luxury cryptocurrency community” made up of 60 properties on an island that will only go on sale through NFT.

And, bonus, the hyper-exclusive resort-style development is slated for construction on top of the infamous site Fire festival on Great Exuma in the Bahamas, second a press release from the beginning of the month. On a 60-acre expanse of that arid and consecrated land, a company called AGIA International plans to build a huge marina, dry boat storage, spa and wellness center, private cinema, private beach, restaurants and shops, in in addition to residential “pavilions and villas”.

“We bought this property because we saw its future, not its past,” said Eric Sanderson, co-founder of AGIA, in the press release. Before starting AGIA, Sanderson was the CEO of a company that built superyacht marinas, according to a report by Braked. Based on the AGIA websiteother parties involved in the new project include an study of architecture known for building extravagant hotels, the Winklevoss twins’ cryptocurrency exchange firm, more web3 and / or blockchain marketing companiesit’s a luxury resort group.

And you could join in the fun too, provided you are willing and able to lose $ 10,000 to mint an NFT first. This is the entrance fee just to enter the “allowed list”, which is functionally a reservation that allows you to queue to purchase a property. Then, you have another NFT equal to the value of the residence or yard you wish to purchase. Note that one-bedroom pavilions start at $ 1.5 million. A complete, detached house will cost you between $ 2.8 million and $ 3.5 million. Finally, to close the deal, you create one last NFT, called the “AGIA Key”, which basically acts as a deed for your new property.

So, simple: 3 NFTs and millions of dollars are all it takes to cement your blockchain access to “new world ownership.” [in] real world paradise “as defined by promotional materials. But is it really worth it? Well, if you consider everything of the advantages, it is a little easier to understand the attractiveness for some investors. And the AGIA advertising team would surely have said the quiet part out loud.

Buying on the island offers “permanent residence in a tax free paradise”, another brochure online for future development emphasizes. “Owning in AGIA gives you an accelerated path to permanent residency in the Bahamas, along with direct access to one of the world’s most sophisticated offshore banking systems … In the Bahamas, capital gains, corporate earnings, personal income, inheritance, dividends, corporations residents, partnerships and trusts are all tax exempt. In addition, AGIA residents are exempt from annual property taxes in the Bahamas, ”explains the brochure.

In past years, the Bahamas was considered a major destination for money laundering. However, the country it has been removed from the monitoring list of the Financial Action Task Force in 2021. “The country has taken significant action to strengthen its anti-money laundering framework”, stated the international supervisory organization. However, Bahamas Prime Minister Philip Davis did so has actively embraced cryptocurrency and worked to attract cryptocurrency companies to the archipelago. Crypto FTX exchange companyfor example, it is based there.

So far, nearly all of the AGIA promises outlined in those awesome photo renders and collages have not been realized. The opening period for making a purchase starts this month. But Gizmodo would be remiss in its duties if we didn’t remind you that buying one of those $ 10,000 waitlist seats is inherently a gamble. If the community never materializes, those blockchain transactions are certainly not refundable.

And if AGIA fails, it won’t be the first time a luxury development has failed on the same site. Before it was the location of the Fyre Fest, the plot in question was Roker Point Estates, a project first halted since the 2008 recession. The partially completed construction there languished for more than a decade and was for sale as a complete package as recently like 2018as first reported by Curbed.

The even bigger caveat: if the AGIA fails, it certainly wouldn’t be the first blockchain enterprise to do so. You may be skeptical of the whole operation. It might also be logical to ask “It is a scam?? ”

Or you could let yourself be lulled into a peaceful amazement by this water gif on the landing page of the AGIA.

“We have a construction site ready for construction, support from the Bahamian government, a fully licensed plan, and the ability to immediately transfer ocean and harbor land to buyers in a crypto-friendly country with stable democracy,” he said. affirmed a spokesperson for the company to decipher. And with all that in place, what could possibly go wrong?

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