The Fyre Fest saga has drawn national audiences, spawning multiple documentaries and deep public interest in how a weekend trip advertised as the ultimate luxury getaway turned into a logistical nightmare.
Although the festival was supposed to take place on the island of Great Exuma in the Bahamas, it has been dormant since 2017. But now a company is looking to take advantage of the vacant spot after all.
AGIA International plans to sell 60 ultra-luxury pavilions and villas in hopes of creating “the most exclusive enclave in the Caribbean”.
The problem? Each unit will be sold as NFTs, available for purchase on the Ethereum blockchain. Owning the minted NFT for the corresponding property means that the buyer will own the physical property.
“When the public buys one of the 60 homes here through their crypto wallets, they’re not only buying a wealth of beachfront experiences, but they’re also bringing economic vitality to the Bahamas,” said co-founder Erik Sanderson. of AGIA International. , said in a statement from the company. “We are committed to developing the local economy and creating sustainable jobs.”
Sanderson also said the AGIA Foundation will meet the educational and health needs of the island. Unlike Fyre Fest which has notably left litter on the island and disrupted local infrastructure, the company says it will work to “raise awareness of climate change by preserving the island’s natural beauty and environmental resources, while promoting the importance of agriculture in Great Exuma.”
The complex has a great marina as well as a village with restaurants, bars and shops. Each home will have its own swimming pool and floating boat launch and will be priced from 1,000 to 6,500 square feet.
“This is the first time that an entire property development has been exclusively for sale on the blockchain,” explained Matthew Salnick, Chief Strategy Officer of Unchained Partners, AGIA International’s blockchain developer. “There has never been a 100% symbolized complex style community.”
AGIA said it will announce the official mint date later this month.
The announcement follows another major milestone in NFT real estate.
Earlier this week, the first-ever NFT home sold in South Carolina for around $175,000.