According to reports, there’s a 32 million square-foot island located in Vanuatu that’s in the midst of being constructed into a crypto-centric residential community by the island’s owners: Satoshi Island Holdings Limited. So far, more than 50,000 individuals have applied to live on Satoshi Island, and land rights will be minted in the form of non-fungible token (NFT) assets.
Once Construction is Complete, Satoshi Island Aims to Become the “Crypto Capital of the World”
There is an island located in Vanuatu, between Australia and Fiji, which is currently being transformed into an island for cryptocurrency and blockchain advocates. Vanuatu is an archipelago made up of 83 islands originating from volcanic impacts.
Reports in the past show that farmland was being sold in Vanuatu for bitcoin (BTC) over six years ago in 2016. The nation of islands’ government is well known for being crypto friendly. Satoshi Island is also selling land in Vanuatu, as the region aims to develop “into a real-world crypto economy and blockchain based democracy.”
The website explains that the island is owned by Satoshi Island Holdings Limited and that the island’s goal is to become “the crypto capital of the world”. The company running the project says construction of the island has been given the green light by Vanuatu’s prime minister and the country’s finance minister.
Planning and development of Satoshi Island is being provided by the architectural firm James Law Cybertecture. Satoshi Island architects are leveraging a modular development that the website calls “sustainable smart building.” Module living units can be positioned any way the owner wants and they can be combined as well.
The modules are built off-island and shipped to Vanuatu, and when they arrive and are in place, island residents can officially move in. laws.”
Satoshi Island will be built with sustainability in mind as the island’s power systems will utilize renewable energy methods. So far, there’s been a lot of interest in the crypto-focused island, as reports disclose that the company says 50,000 people have applied for residency.
Satoshi Island land titles to be minted as NFTs, island public opening expected to begin in Q1 2023
Additionally, interested residents will purchase their land titles in the form of a non-fungible token (NFT). The company fully understands that “owning a Satoshi Island NFT requires a level of responsibility not typically associated with NFT ownership.” Thus, the beneficiaries will be used in the same way as a last will.
“Beneficiaries are applied to all Satoshi Island NFTs and holders are required to confirm wallet access periodically by calling a function in the smart contract,” the website explains. If an unforeseen circumstance occurs to the landowner the firm says:
If they can’t [call a function in the smart contract], their beneficiary will be able to claim their NFTs to ensure that the assets are not abandoned. In the event that no beneficiary is set, the NFTs will be subject to a 12-month decentralized redemption period, where previous owners can reclaim their NFTs if a mistake has been made. Once expired, the NFTs will be under the care of a community-controlled DAO on Satoshi Island.
In addition to the land NFTs, Vanuatu citizenship will cost roughly $130,000. The island will be open to 21,000 crypto residents when the region officially opens to the public. Modular construction begins in the third quarter of 2022, and by the fourth quarter, a private opening for verified citizens of the island will be held. Satoshi Island Holdings estimates that the public opening will take place in Q1 2023 and residents can live in their homes for short and long-term periods and rent them, too.
The company is also interested in startups and established companies setting up shop on the island. “Companies of all sizes are welcome and we have dedicated coworking space for start-ups, up to entire campuses where large projects can build satellite offices, corporate retreats or even permanent headquarters,” details the website.
While some reports indicate 50,000 applicants have applied to live on Satoshi Island, other reports have said: “80,000 people have already applied to receive NFT citizenship on Satoshi.” That claim is according to the Sydney-resident and operations and logistics director for Satoshi Island, Denys Troyak. The report published by ABC interviewing Troyak said that the Vanuatu Financial Services Commission (FSC) put out a press release saying that it had not granted licenses to Satoshi Island.
The FSC press release has since been removed from the web, but has been saved to archive.org. However, three days ago, on March 25, 2022, Cointelegraph’s Joseph Hall announced that the Vanuatu Financial Services Commission had formally approved the Satoshi Island residential community project. Hall writes that Bob Loughman, the Prime Minister of Vanuatu, has “officially given the green light to Satoshi Island”. In the report Hall wrote on Friday, the owners of Satoshi Island are also quoted as saying:
With this full endorsement from the prime minister of Vanuatu in hand, we can show everyone that Satoshi Island is as real as it gets, and the kind words of the PM inviting our community to their home could not be a warmer welcome.
