Real Estate

Fyre Festival island to be transformed into crypto-only resort

The land briefly used to host the infamous Fyre Festival is being bought solely as NFTs — reinventing the positioning as an ultra-luxe, crypto-first, resort-style neighborhood.

Situated on high of Great Exuma Island within the Bahamas, AGIA International plans to promote 60 ultra-luxurious pavilions and villas solely by way of a collection of upcoming non-fungible token (NFT) mints on the Ethereum blockchain.

Since the notorious Fyre Festival occasion in 2017, the land has remained predominantly vacant.

Five years and tens of thousands and thousands of {dollars} later, non-public spending is ready to remodel the positioning that “now promises to house the most exclusive enclave in the Caribbean,” in accordance to a press launch.

“We bought this property because we saw its future, not its past,” Erik Sanderson, co-founder of AGIA International, whose workforce’s prior tasks embody The Setai in Miami Beach and Amanyara in Turks and Caicos, informed The Post in an announcement. “We saw 60 acres of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in its transportation, telecommunications and infrastructure throughout the island.”

“When the public buys one of the 60 homes here via their crypto wallets, they’re not only buying into a wealth of oceanfront experiences, they’re also bringing economic vitality to the Bahamas,” Sanderson added. “We are committed to growing the local economy and creating sustainable jobs.”

Disappointed attendees at the Fyre Festival site on Great Exuma Island, Bahamas, on May 12, 2017.
Disappointed attendees on the Fyre Festival web site on Great Exuma Island, Bahamas, on May 12, 2017.
William N. Finlay IV

Designed by architect Chad Oppenheim, the event will be grounded within the aesthetic of the Greek Mediterranean.

Each dwelling will be situated on the Caribbean island’s beachfront, oceanfront or internal harbor, starting from 1,000 to 6,500 sq. toes. Each residence will function a personal pool and a deeded non-public floating boat slip.

Additionally, there’ll be a personal marina for tremendous yachts in addition to resort-style facilities that embody a marina village with eating places, bars and boutique shops.

“This is the first time an entire real estate development has been exclusively for sale on the blockchain,” Matthew Salnick, chief technique officer of Unchained Partners, AGIA International’s blockchain developer, mentioned in an announcement. “There’s never been a 100% tokenized resort-style community.”

Earlier this year, the Bahamas’ prime minister, Philip E. Davis, introduced his intentions to make the island the main crypto hub within the Caribbean.

“The Bahamas is not only open and ready for business but moving to the forefront of the most exciting era in digital assets innovation. If the world of cryptocurrency is where you see your possibilities, then the Bahamas has a place for you,” Davis mentioned.

The Fyre Festival was a fraudulent luxurious music competition based by convicted fraudster Billy McFarland and rapper Ja Rule. It was created with the intent to promote a music expertise reserving app for his or her company Fyre Media.

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