Developers are turning Fyre Fest Island into a cryptocurrency paradise

A screenshot from the Netflix documentary

A cohort of real estate developers and crypto bros have joined forces to create what seriously sounds like one of the worst places I can imagine. It is a “luxury cryptocurrency community” of 60 properties on an island that will be sold exclusively through NFT.

And as a bonus, a hyper-exclusive, resort-style development is slated to be built on top of the infamous site. Fyre Festival according to Great Exuma in the Bahamas press release since the beginning of this month. On the 60-hectare site, a company called AGIA International plans to build a large marina, boat storage, a spa and wellness center, a private cinema, a private beach, restaurants and shops. in addition to residential “pavilions and villas”.

“We bought this property because we see its future, not its past,” AGIA co-founder Eric Sanderson said in a news release. Before starting AGIA, Sanderson was CEO of a company that built marinas for superyachts. report From Curbed. based on AGIA websiteone among other parties involved in the new project architectural firm famous for building extravagant hotels The Winklevoss twins cryptocurrency enterprise, many web3 and/or blockchain marketing companiesand a luxury resort group.

You too can join in on the fun if you’re willing and able to drop $10,000 on the NFT coin first. This is simply the entry price to get on the Allowed List, a reservation that allows you to get in line to buy a property. Then, you withdraw another NFT equal to the value of the residence or building plot you want to buy. It should be noted that one-room pavilions start from 1.5 million dollars. A complete, detached house will cost you between $2.8 million and $3.5 million. Finally, to seal the deal, you create one last NFT called an “AGIA Key”, which basically serves as a document for your new property.

So simple: 3 NFTs and millions of dollars is all you need to power your blockchain access to “new world ownership” [in] real world paradise’ as he calls it promotional materials. But is it really worth it? Well, if you think about it all Of the benefits, the appeal for certain investors is a little easier to understand. And AGIA’s advertising team made sure to say the quiet part loudly.

Buying on the island offers ‘permanent residence in tax-free paradise’, another online brochure is emphasized for future development. “Owning in AGIA gives you direct access to one of the most sophisticated offshore banking systems in the world, as well as a fast track to permanent residency in the Bahamas… Capital gains, corporate income, personal income, inheritance, dividends, resident corporations, partnerships and trusts are tax-free in the Bahamas. . In addition, AGIA residents are exempt from annual property taxes in the Bahamas,” the brochure explains.

In years past, the Bahamas was considered a prime location for money laundering. However, the country removed From the Financial Action Task Force watchlist in 2021. “The country has taken important measures to strengthen its framework in the fight against money laundering.” announced international watchdog. Nevertheless, there is Philip Davis, Prime Minister of the Bahamas actively adopted cryptocurrency and worked to attract crypto firms to the archipelago. Crypto exchange company FTXfor example, does headquarters is there.

So far, almost all of AGIA’s promises, outlined in these lavish renderings and photo collages, have not been made. The open period for shopping begins this month. But Gizmodo would be remiss if we didn’t mention that buying one of those $10,000 waitlist items is a gamble. If the community never materializes, these blockchain transactions are certainly irreversible.

And if AGIA fails, it won’t be the first time a luxury development has happened on the same site. Before it was the site of Fyre Fest, the plot in question was Rocker Point Estates, a project that was shelved by the 2008 recession. Partially completed construction there has been stalled for more than a decade and has been put up for sale as a complete package recently 2018first reported by Curbed.

A bigger caveat: If AGIA fails, it certainly won’t be the first blockchain enterprise to do so. You may be skeptical of the whole operation. It might make sense to think so.”this is a scam?”

Or you can put yourself in a peaceful stupor with it wasweat gif On the AGIA landing page.

“We have a ready-to-build site, the support of the Bahamian government, a fully-fledged plan and the ability to immediately deliver oceanfront and harbor-front land to buyers in a crypto-friendly country with a stable democracy,” he said. company spokesperson to decipher. And if all this is in place, what could go wrong?

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