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Crypto utopia “Satoshi Island” receives 50,000 NFT applications for citizenship

Step aside El Salvador, there’s a new bitcoin-centric destination on the map. A 32 million square foot private island retreat in the remote South Pacific, Satoshi Island is a “place where the crypto community can call home.”

A combination of honeymoon vacation, Bond villain hideaway and natural paradise, there’s one puzzling exception to Satoshi Island: it’s 100% crypto. Speaking to Cointelegraph, the Satoshi Island team, consisting of Denys Troyak, James Law, Taras Filatov, and Benjamin Nero, mentioned that they are:

“A true crypto economy where everything is paid for in crypto and all ownership on the island is represented by NFTs.”

With its name inspired by the creator of Bitcoin (Bitcoin), Satoshi Nakamoto, the team added that “the island intends to host events throughout the year, host and host crypto projects, and be a gathering place for crypto enthusiasts worldwide.”

Later, the island could “operate as a decentralized autonomous organization.” To date, they have purchased an island, received building permits, and reached a milestone of 50,000 Visa Nonfungible Token (NFT) applications to become permanent crypto residents. An NFT marketplace is currently implied.

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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, which acts as a whitelist to participate in our land NFT sale and also allows the holder to live on the island with many other benefits.”

Each house will be an NFT or a “Satoshi Island Land NFT” that can be traded. For the traditionalists, NFT holders can “convert their digital rights to physical documentation in the official Vanuatu land registry.”

Unlike famous flops like Fyre Festival or CryptoLand – or any other failed fantasy project by an overly enthusiastic team of venture capitalists – Satoshi Island has devised a strategy that ticks off major developments in an orderly manner. The team scoured the globe to choose a location, respecting legal procedures and avoiding paid marketing or influencer campaigns.

The Satoshi Island vision began during the 2017 bull run when “the concept started as an idea of ​​having a place for the crypto community to call home and the actual island was chosen years later.” In fact, “it took many years to find the right island and bring everything together to open it to the public.”

First, the island had to be remote enough to offer privacy, but not so remote that development would be too difficult. Second, the island should not be threatened by climate change and protected from natural disasters. The struggle to find a suitable location was compounded by the knowledge that while it was “undoubtedly exciting” to rummage around the world in search of an island for sale, they “had to be realistic”.

“This project started out as a crypto project looking for an island, not an island that wanted to become a crypto city.”

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Also, the government managing the area must be “open to the idea of ​​a crypto city.” After years of searching, the team was finally on the safe side with Vanuata: “The government showed willingness to innovate and was immediately open to discussions.”

In fact, the Pacific island nations are building a reputation for being crypto-friendly. Nearby, in Tonga, Bitcoin as legal tender has been much discussed while only about the same body of water, the Marshall Islands has “opened the gates” to DAOs.

Vanuatu lacks “jobs and tourism,” while the island — formerly called Lataro — was overfished and overwilded in terms of animals. The coconut crab population was driven “close to extinction” prior to the land purchase.

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The Vanuatu government was enthusiastic about the idea of ​​creating a forward-thinking space where job creation would be high. As for the crabs, the plan is to revive dwindling wildlife populations.

“The Treasury Secretary was already interested in the idea of ​​a digital economy and the use of blockchain technology when we spoke to him, so he was very excited about the idea of ​​having our company and many of the brilliant minds in our industry based in Vanuatu . ”

The team has since received a letter of support from the government to begin construction on the island using the “latest and best sustainable technology” as solar power features are just one example of adding modular home builds to new builds. The project’s architect added that “it’s a wonderful opportunity for them to build a property from scratch.”

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Artist’s rendering of modular homes powered by the sun. Source: SI

All energy generated on the island will come from renewable sources. Meanwhile, the team said they are “not really focused on cryptocurrency mining.” Instead, the plan is to “use solar panels erected on the homes to basically power the entire community off a common power grid.”

When asked if Bitcoin mining enthusiasts could pack an S19 in their suitcase to mine sustainably, the team said it’s still not a problem at all.

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The sustainability-focused modular homes under construction. Source: SI

Sustainability aside, the team emphasized 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 unattainable goal with no permanent residents.

21,000 investors or residents, echoing the 21 million bitcoins that will ever be mined will be the number of inhabitants of the island. Of course, residency is granted via an NFT minted on the blockchain. To date, 50,000 people have expressed interest in the project, joining the vision of a “community where they can live, work and visit all year round”.

Nonetheless, NFT residency does not grant Vanuatu citizenship. When crypto enthusiasts want to bid farewell to fiat and say hello to a year-round cryptocurrency life in the sun, the Vanuatu government declares that citizenship costs $130,000.

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The land NFT marketplace for the island of Satoshi. Source: SI

The NFT marketplace is imminent while construction of the physical island development is underway. A “private opening” of the island is planned for the fourth quarter of this year for last-minute visits. By early 2023, NFT homeowners will “be able to start living on the island.”