Fyre Festival’s island is being turned into an enclave for crypto millionaires
by Arthur · October 21, 2022
Back in 2017, the Fyre Festival fiasco – run by convicted felon Billy McFarland – was such a drama that it was turned into a Netflix documentary. Now a new company wants to put the Bahamas island back on the map with NFT– Luxury gated villas
A company called AGIA International claims it will sell “60 ultra-luxury pavilions and villas” on Great Exuma Island and will be “the only community strictly sold through NFTs,” according to a press release published Wednesday.
The buildings will range in size from 1,000 to 6,500 square feet, according to the release. According to the project website, aspiring island residents will have to cough up $10,000 just to get on the “permit list” or pre-sale list for the project. The homes are expected to range in price from around $1.5 million to $5 million.
“We bought this community because we saw its future, not its past,” AGIA International co-founder Erik Sanderson said of the now-infamous area 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 has not been able to independently verify this information.
In the release, Sanderson claimed the new development will create 150 jobs during the construction process and 125 long-term hospitality jobs.
A quick one LinkedIn searches for Sanderson identify him as associated with AGIA since 2021. In addition to AGIA, Sanderson also appears to be the CEO of Technomarine Group, a boating and marine company based in Florida. The AGIA co-founder did not immediately respond Decryptits request for comment.
Although it may seem like a PR stunt, this is not the first time someone has used, or plans to use, an NFT as a de facto “deed” that means ownership over physical property or real estate. More real houses have been sold via NFTs and continue to do so create headlineseven during the bear market.
And the Bahamas more generally has a history of being crypto-friendly – FTX CEO Sam Bankman-Fried has his crypto exchange headquartered there.
Regardless, it is worth noting that coining any NFT based on lofty and yet unrealized promises can be very risky. Blockchain transactions are also irreversible on blockchain networks which Ethereumso it may be impossible for users to get a refund if AGIA’s project becomes the next Fyre Festival.
