In 2017, the failure of the Fyre Festival—managed by convicted criminal Billy McFarland—was a drama turned into a Netflix documentary. Now, a new company wants to put that island of the Bahamas back on the map NFTWalled luxury villas.
A company called AGIA International claims it will sell “60 ultra-luxury suites and villas” on the great island of Exuma and will be “the only community strictly sold via NFTs,” according to the press release Posted Wednesday.
The buildings will range in size from 1,000 to 6,500 square feet, depending on the version. According to the project website, aspiring islanders will have to pay $10,000 just to get the project’s “allow-list” or pre-list. Homes are expected to be priced in the range of about $1.5 million to $5 million.
“We bought this community because we saw its future, not its past,” Eric Sanderson, co-founder of AGIA International from the now-acclaimed region, said in a statement.
The press release also links AGIA International to the Setai Hotel in Miami Beach and the Amanyara Hotel in Turks and Caicos, but Decrypt He was unable to independently confirm this information.
In the release, Sanderson claimed that the new development would create 150 jobs during the construction process and 125 long-term hospitality jobs.
fast LinkedIn The search for Sanderson identifies him as having been in contact with AGIA since 2021. In addition to AGIA, Sanderson also appears to be the CEO of AGIA. Technomarine Group, a Florida-based boating and marine company. AGIA co-founder did not immediately respond DecryptComment request.
Although it may seem like a PR stunt, this isn’t the first time someone has used, or plans to use, NFT as an actual “deed” denoting ownership of tangible property or real estate. Many real world homes have been sold via NFTs and have continued to do so make headlinesEven during a bear market.
And the Bahamas more broadly has a history of being crypto-friendly — FTX CEO Sam Bankman-Fried has his own crypto exchange headquarters there.
Regardless, it should be noted that minting any NFT on the basis of lofty and hitherto unfulfilled promises can be risky. Blockchain transactions are also irreversible on blockchain networks such as Ethereumso it may be impossible for users to get a refund if Project AGIA becomes the next Fyre Festival.
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