In 2017, the failure of Fyre Festival – run by convicted felon Billy McFarland – was such a drama that it became a Netflix documentary. Now, a new company wants to put that Bahamian island back on the map with NFT-enclosed luxury villas.
A company called AGIA International says it will sell “60 ultra-luxury pavilions and villas” on Great Exuma Island and that it will be “the only community to be sold strictly through NFT,” according to a press release issued Wednesday.
For the first time in a luxury community, own real estate by owning an NFT. Construction-ready in Great Exuma, Bahamas. Allowlist opens soon. #agialiving #crypto #nft pic.twitter.com/xPm6vnxy8x
— AGIA (@AgiaLiving) October 19, 2022
The buildings will range in size from 1,000 to 6,500 square feet, according to the release. According to the project’s website, aspiring island residents will have to shell out $10,000 just to get on the project’s “allowlist,” or presale list. Home prices will range from $1.5 million to $5 million.
In addition, there will be a private marina for superyachts, as well as tourist-type amenities including a marina village with restaurants, bars and boutique stores.
“This is the first time an entire real estate development is exclusively for sale on the blockchain,” Matthew Salnick, chief strategy officer at Unchained Partners, the blockchain developer of AGIA International, said in a statement. “There has never been a 100% tokenized resort-style community.”
Earlier this year, Bahamian Prime Minister Philip E. Davis announced his intentions to make the island the Caribbean’s leading cryptocurrency hub.
“If the cryptocurrency world is where you see your possibilities, then the Bahamas has a place for you,” Davis said.
“We bought this property because we saw its future, not its past,” Erik Sanderson, co-founder of AGIA International, whose team’s previous projects include The Setai in Miami Beach and Amanyara in Turks and Caicos, told The Post. “We saw 60 acres of isolated, undeveloped land in the cul-de-sac of a beautiful island whose current government has earmarked tens of millions to invest in its transportation, telecommunications and island-wide infrastructure.”
“When the public buys one of the 60 homes here through their cryptocurrencies, they are not only buying a great waterfront experience, but they are also bringing economic vitality to The Bahamas,” Sanderson added. “We are committed to growing the local economy and creating sustainable jobs.”
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 confirm this information.
In the release, Sanderson says the new project will create 150 jobs during its construction process and 125 hospitality jobs in the long term.
A quick search for Sanderson on LinkedIn identifies him as being linked to AGIA from 2021. In addition to AGIA, Sanderson also appears to be the CEO of Technomarine Group, a Florida-based boating and marine company.
While 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” signifying ownership of a physical asset or real estate. Multiple real-world homes have been sold through NFTs and continue to make headlines, even during a bear market.
And the Bahamas, in general, has a history of being cryptocurrency friendly: TX CEO Sam Bankman-Fried is headquartered his crypto-exchange there.
AGIA plans to announce the date of its General Mint later this month. Interested buyers can sign up for a waiting list today by visiting their website at https://www.agialiving.com.
About AGIA
Located on the island of Great Exuma in the Bahamas, just north of Emerald Bay, AGIA is the only community in the Bahamas and the Caribbean available for purchase through an ETH wallet.
Developed and managed by AGIA International Ltd, all residences are located directly on the beach, oceanfront or inner harbor. The community will feature a superyacht marina, Marina Village, easy proximity to the Great Exuma FBO, as well as a new $65 million international airport currently under construction.
There will also be a dry storage facility and service center with 125 fully enclosed units to protect vessels up to 50 feet, year-round. AGIA is the meeting point between innovation and luxury, and where fortune truly favors the brave.
Unlike any luxury community built before – and an amazing standard bearer for communities to come – it beckons all explorers to heed its call. Welcome to life in the new world. Welcome to AGIA.
For more information about AGIA: visit https://www.agialiving.com.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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