Developers are turning Fyre Fest Island into a crypto paradise

A group of real estate developers and cryptobros have come together to create what seriously sounds like one of the worst places I can imagine. It’s a — get this — “luxury crypto community,” consisting of 60 properties on an island that will only be for sale via NFTs.

And bonus, the hyper-exclusive resort-style development is slated for construction on top of the infamous site Fire Festival on Great Exuma in the Bahamas, according to a press release from earlier this month. On 60 acres of these barren and sacred properties, a company called AGIA International plans to build a huge marina, boat dry storage, a spa and wellness center, a private cinema, private beach, restaurants and shops – in addition to the residential pavilions and villas.

“We bought this property because we saw the future, not the past,” AGIA co-founder Eric Sanderson said in the news release. Before starting up AGIA, Sanderson was the managing director of a company that built marinas for superyachts, according to a report from Curbed. Based on AGIA websiteother parties involved in the new project include a architectural firm known for building extravagant hotels Winklevoss twins bet on crypto exchange, more web3 and or blockchain marketing companiesand a luxury resort group.

And you can join the fun too, provided you’re willing and able to drop $10,000 on making an NFT first. That’s the cost of getting in just to get on the “Permit List”, which is functionally a reservation that allows you to stand in line to buy a property. You then create another NFT corresponding to the value of the home or building site you want to buy. Note that one-bedroom pavilions start at $1.5 million. A full, single-family home will cost you between $2.8 million and $3.5 million. Finally, to seal the deal, you create a final NFT, called “AGIA Key”, which basically acts as the deed to your new property.

So simple: 3 NFTs and millions of dollars is all it takes to cement your blockchain access to “ownership in the new world [in] paradise in the real world,” as denoted by the advertising material. But is it really worth it? Well, if you consider everyone of the benefits, it’s a little easier to understand the appeal for some investors. And AGIA’s advertising team was sure to say the silent part loudly.

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Buying on the island offers “permanent residency in a tax-free haven,” another online brochure for the future development underlines. “Owning in AGIA gives you an accelerated path to Bahamian permanent residency, along with direct access to one of the world’s most sophisticated offshore banking systems… In the Bahamas, capital gains, business income, personal income, inheritance, dividends, resident companies, partnerships and trusts are all tax-free. In addition, residents of AGIA are exempt from annual property tax in the Bahamas,” the brochure explains.

In previous years, the Bahamas was considered a prime destination for money laundering. However, the country had been removed from the Financial Action Task Force’s 2021 watch list. “The country has taken significant steps to strengthen its anti-money laundering framework,” declared international watchdog organization. Yet Bahamian Prime Minister Philip Davis has actively embraced cryptocurrency and worked to attract crypto firms to the archipelago. Crypto exchange company FTXis for example with headquarters there.

For now, almost all the promises of AGIA outlined in the fancy renderings and photo collages are unbuilt. The opening period to make a purchase begins this month. But Gizmodo would be remiss in its duties if we didn’t remind you that buying one of these $10,000 waitlist spots is itself a chance. If the community never materializes, these blockchain transactions are absolutely non-refundable.

And if AGIA fails, it wouldn’t be the first time a luxury development has popped up in the same location. Before it was the site of Fyre Fest, the site in question was Roker Point Estates, a project that was first halted by the recession of 2008. The partially completed construction there languished for more than a decade and was put up for sale as a complete package that as recent as 2018as first reported by Curbed.

The even bigger caveat: If AGIA fails, it certainly wouldn’t be the first blockchain investment to do so. You may be skeptical about the whole operation. It might even be logical to wonder “is this a scam?”

Or you can let yourself be lulled into a peaceful stupor by this wowter poison on the AGIA landing page.

“We have a ready-to-build plot, support from the Bahamian government, a full-fledged plan and the ability to immediately convey ocean and harbor front land to buyers in a crypto-friendly country with a stable democracy,” said a spokesperson for the company to decrypt. And with all that in place, what could go wrong?