60 luxury villas will be made available for purchase via a series of NFTs but the Bahamian island used for the disastrous Fyre Fest has raised eyebrows.
Insurance company AGIA plans to boost the Bahamian economy by selling 60 luxurious villas on Great Exuma, the location of the failed and fraudulent Fyre Fest, exclusively through NFTs on the Ethereum blockchain.
They promise the land has been transformed with millions of dollars invested in the project to make this one of the most sought-after places in the Caribbean according to AGIA International Co-founder Erik Sanderson.
“We bought this property because we saw its future, not its past,” he said.
“We saw 60 acres of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in its transportation, telecommunications and infrastructure throughout the island.
“Constructing this project will create more than 150 jobs and operating it will mean 125 long-term hospitality jobs and entrepreneurship opportunities.”
AGIA reps say that each villa will be from 1,000 to 6,500 square feet and feature such things as a pool and boat slip. There will also be superyacht marina with luxury shops, bars, and boutiques nearby.
“This is the first time an entire real estate development has been exclusively for sale on the blockchain,” said blockchain developer at Unchained Partners Matthew Salnick.
“There’s never been a 100% tokenized resort-style community.”
“For buyers and sellers, this has tangible benefits. It means: easily traceable ownership, faster buying-selling across borders; and, among other benefits, Bahamian residency and access to its sophisticated offshore banking system,” added Unchained Partner CEO Hunter William.
The mint will begin later this month and eager buyers can already join the waitlist.