Satoshi Island, an island in Vanuatu will be fully managed in crypto and would like to become a paradise for fans of the domain. We can already acquire NFTs having real titles of physical properties as their counterpart.
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[EN VIDÉO] How does cryptocurrency work? Like Bitcoin, today there are more than 6,000 cryptocurrencies in the world. These currencies are based on blockchain technology.
Imagine an island where the only currencies in force are Bitcoin and its various avatars? An island dedicated to welcoming cryptocurrency fans, whether professionals or enlightened amateurs. After several years of preparation, Satoshi Island is becoming a reality …
Where exactly is Satoshi Island?
Satoshi Island is located within Vanuatu, a country in the southern Pacific Ocean, between Australia and Fiji – made up of around 80 islands, or 1,300 kilometers of land in total. The peculiarity of this island comes from the fact that it belongs to a private fund, Satoshi Island Limited.
The major fact is that the Vanuata Ministry of Finance has just given its fire green to the transformation of Satoshi Island into cryptocurrency territory. Ambition: to develop the world capital of cryptocurrencies with a favorable legislative system, i.e. a decentralized democracy in which goods have their counterpart in the form of NFTs. The first residents are expected for the 4e quarter 2002.
Villas to acquire in the form of NFTs
It is the cabinet ofarchitects James Law Cybertecture who presides over the construction of what some would like to depict as a small paradise. And James Law describes the project as follows:
“ Living, working on Satoshi Island or simply visiting the island will be a unique experience. The high-tech industry in Silicon Valley, the entertainment industry is in Los Angeles. Soon the crypto community will have its own iconic territory “.
A few villas have already been built, as well as a relaxation center. However, what James Law Cybertecture intends to develop is a set of ultramodern houses, modular prefabricated and able to be delivered to the island as you go – they are built at a rate of 200 modules per month.
The peculiarity is that anyone can acquire a location on the island through NFTs which give him in return a real right of possession on the island – formalized by an officer of the cadastre from Vanatua. The first ones NFTs will be published between the end of December 2021 and January 2022, i.e. 7 collections corresponding to various locations on the island. The first collection, South With, will consist of 562 blocks of land, represented by 5,620 NFTs.
A democratic metaverse?
We could therefore compare Satoshi Island to a metaverse of the real world. In fact, the Satoshi Island metaverse will be available online, offering the possibility of exploring the island and following its development in replica of reality. And the owners of NFTs will be able to use this virtual vision to design their habitats before they are realized on the island.
More original, the government of the island wants to be a “true democracy”, with representatives elected by its inhabitants who will operate however on the basis of 1 NFT = 1 right to vote. At the risk of favoring the wealthiest of the lot.
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