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Island for Crypto Elite to Be Built on Fyre Festival Site

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Photo: Alexandra the Great/Alamy Stock Photo

Last week, a consortium of technologists and property developers announced What they call Agia is a planned “crypto-native luxury community” in the Bahamas. Filled with images of turquoise waters, white sand beaches, snorkelers, and minimalist beach house interiors (some of which seem to be in Greece), the promotional materials read, “The simple soul of the Greek Mediterranean.” It promises a ‘full aesthetic, yet pulsing place’. Together with the possibilities of our decentralized future. Its “60 ultra-luxury pavilions and villas” are available exclusively via NFT, arguably “the first time an entire property development has been sold exclusively on the blockchain.” The first image of Agia, websitewas registered in August and appears as a free Shutterstock photo of another island in the Bahamas. Scroll down a bit and you’ll reach the true parcel where Agia spawns. Roker Point is part of the Great Exuma island. It is perhaps best known as the barren beach site of the Doomed Fire Festival.

Through no fault of its own, the region appears to be caught in a decades-long cycle of being traded from one doomed project to another. reportedly Fyre Festival planner Billy McFarland allowed the use of what was then described as a sort of abandoned dirt plot surrounding an artificial lagoon. But before the festival became a failed venue, Roker Point failed to develop luxury goods, not cryptocurrencies. Named Roker Point Estates, the land was reportedly developed by a realtor named John Goldsworthy 20 years before him. according to chicago agent magazine, has also developed properties in Florida and the Turks and Caicos Islands. Bahamas news outlets reported that Galsworthy had spent millions of dollars developing the area, including building roads, building a breakwater, and installing utilities, but the market crash of 2008 forced the project to shut him down. was suspended until 2012 or 2013. resumed construction.the whole is for sale As recently as 2018.

According to its website, the group behind Agia is Setai Group, which developed a luxury hotel in Miami, along with a developer named JFB, in addition to a collection of highly bullish cryptocurrency types. Agia co-founder Erik Sanderson appears to have been with the company since 2021, and prior to that he had a “unique expertise in design, engineering, construction and mega & super yacht marinas.” He was the CEO of a marine technology company. Then he has OA3. This is his Web3 marketing company recently started by prop tech entrepreneur and “distributed evangelist” Deven Spear. “Blockchain development” is provided by Unchained Partners, a Web3 strategy company led by the founder of Memecoin. (One of his at Unchained Partners calls Agia “a dream that inspires, develops, and brings it to life.”) The Winklevoss twins are the cryptocurrency exchange Gemini, whose trust he owns. Involved in his abilities as the founder of the Company, he is the twin of Winklevoss.

About these NFTs: To purchase a vacation home in Agia, you need to “Create an Allow List NFT”, according to the promotional materials you need to purchase your own Digital Asset (NFT) recorded on the blockchain. Villa via cryptocurrency. This alone will cost you $10,000, but it will allow you to “issue NFT ownership during the allow list period.” That means buying. another NFT on blockchain. This time it will cost the actual amount of the villa, depending on the size of the property. (The seaside villa ends up getting her $3,495,000 back.) Finally, mint her last NFT called “Agiakee.” Doing all that grants access to many other planned amenities: 100 rounds of golf course, concierge services, beach and yacht club (unbuilt), spa and fitness center (unbuilt). , provides a “fast track” to permanent residency in the Bahamas. This conveys “immediate access to his one of the world’s most sophisticated offshore banking systems,” the brochure says, to highlight a very fine point.

This nesting word is largely an exclusive pitch. The sticky notes included in Agia’s “lifestyle” brochure are renderings by a luxury Miami-based architect, images of earth-tone bathrobes and baskets, and equally underconstructed recordings of musical instruments in his studio. It’s a picture, and at this point it’s mostly just atmosphere. They even have their own vibe video featuring blazing clips of hot people blissfully on the beach (and one coconut exploding dramatically in slow motion) set to sexy music.

There is certainly some risk here, but this not the first time Real estate is purchased using NFTs or cryptocurrencies.as decryption report, blockchain transactions are irreversible, so if Agia never fully materializes, the person who issued the $10,000 NFT is less likely to do so. At least, cryptocurrencies and real estate have something in common. Many of the loftily touted, life-changing “deals” exchange large sums of money upfront, even when what is supposed to happen never happens.Also, the Bahamas’ prime minister, who was named as a cryptocurrency proponent in an Agia press release, recently declared the Bahamas a “cryptocurrency hub,” but some residents are losing confidence. As tribune report“Many people across the Bahamas are increasingly skeptical that promised foreign direct investment (FDI) projects will materialize, given the country’s long history of stagnant or failed development. It has become.” But the Agia men are unfazed. Build it and the crypto elite will come, they say. “We bought this property because we looked to the future, not the past,” said Sanderson.

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