October 7, 2022
Image credit: Satoshi Island Meet Satoshi Island, a 32 million square foot private island providing you access to pristine waters, year-round sunlight, modular houses, and the guarantee of a decentralized democracy. The Satoshi Island we're discussing isn't a tale of fiction, but a real-life private island committed…

Image credit: Satoshi Island Meet Satoshi Island, a 32 million square foot private island providing you access to pristine waters, year-round sunlight, modular houses, and the guarantee of a decentralized democracy.

The Satoshi Island we’re discussing isn’t a tale of fiction, but a real-life private island committed to the crypto community.

A home for crypto lovers to thrive, starting 2023

Located in the tropical paradise of Vanuatu, in between Australia and Fiji, the island is owned by Satoshi Island Holdings Ltd., which plans to turn it into “the crypto capital of the world”– a place where crypto enthusiasts and experts can prosper.

And, the name of the island is barely unexpected– inspired by Satoshi Nakamoto, the pseudonymous person supposed to be the initial designer of Bitcoin (BTC).

“After years of preparation, a green light from the Vanuatu Prime Minister and Minister Of Finance and all approvals in place, Satoshi Island is now prepared to be developed into a real-world crypto economy and blockchain based democracy,” says the business, that anticipates the island operating as “a decentralized self-governing company” in the future.

In an interview with Cointelegraph last week, Satoshi Island team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero stated that the crypto paradise will be “a true crypto-economy” where everything can be paid for and purchased in crypto. All ownership of properties on the island will be represented with Non-Fungible Tokens (NFTs), powered by blockchain.

With modular homes currently under building, Satoshi Island plans to open its doors to the world beginning in 2023:

An illustration demonstrating how Satoshi Island’s sea-side modular homes will look like(Satoshi Island)’A metaverse mirrored in reality’

Don’t be tricked into thinking the so-called modular houses, like NFTs, exist in the digital world alone. Every home will be a “Satoshi Island Land NFT” which, like an NFT, can be traded.

“Satoshi Island is taking the next step in the advancement of NFTs by presenting a method to turn digital ownership into physical,” describes the company.

“Anybody can own a piece of the island by acquiring Satoshi Island Land NFTs that can be bought and sold quickly, without any of the issues related to the transfer of traditional realty.”

Nevertheless, the founders describe, NFT holders can turn their digital rights into physical documentation on the official land pc registry of Vanuatu.

And, it does not end here. The Island’s majestic strategies likewise consist of hosting crypto-focused occasions all year round, real estate crypto tasks, and collecting a location for crypto lovers worldwide.

Citizenship NFTs are complimentary, citizenship costs $130,000

Satoshi Island’s creators specify they have actually been flooded with over 50,000 visa nonfungible token (NFT) applications from crypto enthusiasts all around the world who ‘d like to end up being “permanent crypto homeowners.”

And, those who become Satoshi Island NFT “people” will furthermore delight in an earlier ‘private opening’ set for the fourth quarter of 2022 which is when the island’s borders open up to NFT Citizenship holders for a short journey.

An artistic concept of a Satoshi Island community (Satoshi Island) NFT Citizens also get the right to vote on the policies that govern the island. Each wallet can just hold one Citizenship and that NFT will count as one vote. And, NFT Mints & Airdrops are another perk provided to such residents: “Addresses that hold a Citizenship NFT are immediately whitelisted for early access to all Satoshi Island NFT mints and airdrops,” the company describes.

Keep in mind, nevertheless, the visa or citizenships NFTs, in this context, do not represent or on their own approve immigration permission to the island which involves a separate, governmental visa procedure.

Anyone can make an application for Satoshi Island NFT Citizenship today however that is not to be confused with the term ‘citizenship’ as comprehended colloquially.

The island website explicitly mentions, “Satoshi Island Citizenship NFTs have no relation to citizenship of Vanuatu,” and the company tweeted an information reinforcing the truth.

Anybody, despite whether they hold Satoshi Island’s Citizenship NFT, need to be considered permissible for entry to the Republic of Vanuatu and possess a valid government-issued visa, or have a passport from among the 130 nations that grant visa-free travel to Vanuatu.

The Republic of Vanuatu does offer a separate citizenship application process by means of the financial investment path that costs a minimum of US$ 130,000 for a single applicant.

“It is essential to bear in mind that a Satoshi Island Citizenship NFT is not the like a Vanuatu Citizenship. However, Vanuatu does have a well respected citizenship by financial investment program for individuals trying to find a 2nd passport,” discusses the Island group.

“For those aiming to benefit from this program, Satoshi Island Citizenship NFTs provide the holders with access to our expedited processing through Vanuatu Investment & Migration Bureau.”

Nevertheless, as palatable as all of this sounds, and despite getting the approval of Vanuatu’s Prime Minister, unique ventures involving unstable monetary assets like cryptocurrency and NFTsalways featured intrinsic dangers, consisting of that of never ever materializing.

In January, a comparable endeavor like Crypoland– a ‘tropical haven for cryptocurrency enthusiasts’ failed to secure a Fiji resort in a $12 million dealthat broke down.

Additionally, it stays yet to be understood what all legal warranties and rights, if any, will be managed to “NFT residents” by the Vanuatuan federal government policies. As such, till Satoshi Island’s remarkable strategies emerge, there stays a threat of losing cash over goods and services that you may pay for but never receive.

Editor’s note: This is not a promotion. Neither BleepingComputer nor the author is not getting any financial reward or product favor from Satoshi Island, its affiliates, or any cryptocurrency platforms for the publication of this piece.

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