Fyre Fest Island is being transformed into a cryptocurrency-run luxury village
The Fyre Fest saga attracted a national audience, sparking multiple documentaries and a deep public interest in how a weekend trip, advertised as the ultimate luxury getaway, turned into a logistical nightmare.
AIGA International through Business Wire
Although the festival was originally supposed to take place on the island of Great Exuma in the Bahamas, it has been on hold since 2017. But now one company wants to make use of the vacant space.
AGIA International plans to sell 60 ultra-luxury pavilions and villas hoping to create the most ‘exclusive enclave in the Caribbean’.
The catch? Each unit is sold as NFTs, available for purchase on the Ethereum blockchain. Owning the minted NFT for the corresponding real estate means that the buyer becomes the owner of the physical real estate.
“When the public buys one of the 60 homes here through their crypto wallets, they not only buy a wealth of oceanfront experiences, they also bring economic vitality to the Bahamas,” Erik Sanderson, co-founder of AGIA International, said in a corporate release. “We are committed to growing the local economy and creating sustainable jobs.”
Sanderson also said the AGIA Foundation will assist with the island’s education and health care needs. Unlike the Fyre Fest, which notably left trash on the island and disrupted local infrastructure, the company says it will work to “build awareness around climate change by preserving the island’s natural beauty and environmental resources, along with promoting the importance of agriculture throughout Great Exuma.”
The resort has a super marina and a village with restaurants, bars and shops. Each house has its own pool and floating dock and varies in price from 1,000 to 6,500 square feet.
“This is the first time an entire real estate development has been for sale exclusively on the blockchain,” explains Matthew Salnick, Chief Strategy Officer of Unchained Partners, blockchain developer of AGIA International. “There has never been a 100% tokenized resort-like community.”
AGIA said it would announce the official date of the coin later this month.
The announcement comes on the heels of another major milestone in NFT real estate.
Earlier this week, the very first NFT home in South Carolina sold for about $175,000.
