Fyre Competition’s Island Is Being Turned Into an Enclave for Crypto Millionaires



21 October 2022 21:40, UTC


Studying time: ~2 m

Again in 2017, the Fyre Competition failure—run by convicted felon Billy McFarland—was such a drama that it was was a Netflix documentary. Now, a brand new firm needs to place that Bahamas island again on the map with NFT-gated luxurious villas.

An organization known as AGIA Worldwide claims it would promote “60 ultra-luxurious pavilions and villas” on the Nice Exuma Island and will probably be “the one group strictly offered by way of NFTs,” based on a press launch revealed Wednesday.

The buildings will vary in measurement from 1,000 to six,500 sq. toes, per the discharge. In accordance with the challenge’s web site, aspiring island residents should cough up $10,000 simply to get on the “allowlist” or presale record for the challenge. Properties are anticipated to vary in value from roughly $1.5 million to $5 million.

“We purchased this group as a result of we noticed its future, not its previous,” mentioned AGIA Worldwide Co-founder Erik Sanderson of the now-infamous space in a press release.

The press launch additionally ties AGIA Worldwide to The Setai resort in Miami Seashore and the Amanyara resort in Turks and Caicos, however Decrypt has not been capable of independently verify this data.

Within the launch, Sanderson claimed the brand new improvement will create 150 jobs throughout its development course of and 125 longer-term hospitality jobs.

An illustration of AGIA’s imaginative and prescient. Picture: AGIA Worldwide.

A fast Linkedin seek for Sanderson identifies him as linked to AGIA since 2021. Along with AGIA, Sanderson additionally seems to be the CEO of the Technomarine Group, a boating and marine firm primarily based out of Florida. The AGIA co-founder didn’t instantly reply to Decrypt’s request for remark.

Whereas it’d appear to be a PR stunt, this isn’t the primary time somebody’s used, or deliberate to make use of, an NFT as a de facto “deed” signifying possession over bodily property or actual property. A number of real-world homes have been offered by way of NFTs and proceed to make headlines, even in the course of the bear market.

And The Bahamas extra broadly has a historical past of being crypto-friendly—FTX CEO Sam Bankman-Fried has his crypto trade headquartered there.

Regardless, it is value noting that minting any NFT primarily based on lofty and but unrealized guarantees will be very dangerous. Blockchain transactions are additionally irreversible on blockchain networks like Ethereum, so it could be unattainable for customers to get refunds if AGIA’s challenge turns into the following Fyre Competition.

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