{"id":9534,"date":"2022-03-23T14:25:27","date_gmt":"2022-03-23T14:25:27","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/satoshi-island-crypto-utopia-receives-50k-citizenship-nft-applications\/"},"modified":"2022-03-23T14:25:29","modified_gmt":"2022-03-23T14:25:29","slug":"satoshi-island-crypto-utopia-receives-50k-citizenship-nft-applications","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/satoshi-island-crypto-utopia-receives-50k-citizenship-nft-applications\/","title":{"rendered":"\u2018Satoshi Island\u2019 crypto utopia receives 50K citizenship NFT applications"},"content":{"rendered":"
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Step aside, El Salvador, there\u2019s a new Bitcoin-centric destination on the map. As a 32-million-square-foot private island sanctuary in the remote South Pacific, Satoshi Island is a \u201cplace for the crypto community to call home.\u201d<\/p>\n

A combination of honeymoon getaway, Bond-villain hideout and naturalist paradise, there\u2019s one enigmatic exception to Satoshi Island: it\u2019s 100% crypto. Talking to Cointelegraph, the Satoshi Island team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero mentioned that it is:<\/p>\n

\u201cA true crypto-economy where everything will be paid for in crypto and all ownership on the island is represented with NFTs.\u201d<\/p><\/blockquote>\n

With its name inspired by the creator of Bitcoin (BTC), Satoshi Nakamoto, the team added that \u201cthe island intends to host events all year round, house and headquarter crypto projects as well as being a gathering place for crypto enthusiasts worldwide.\u201d <\/p>\n

Further down the road, the island could \u201coperate as a decentralized autonomous organization.\u201d To date, they\u2019ve bought an island, secured build permits and reached a milestone of 50,000 visa nonfungible token (NFT) applications to become permanent crypto residents. An NFT marketplace is currently hush-hush.<\/p>\n

The construction of Satoshi Island’s infrastructure is cemented. Source: SI<\/em><\/figcaption><\/figure>\n

The creation of a crypto utopia may seem unassailable even for the ambitious crypto community. Still, the founders have already received \u201c50,000 applications for our free Citizenship NFT, acting as a whitelist to enter our Land NFT sale, while also permitting the holder to live on the island with many other benefits.\u201d <\/p>\n

Every home will be an NFT, or a \u201cSatoshi Island Land NFT,\u201d which can be traded. For the traditionalists, NFT holders can \u201cturn their digital rights into physical documentation on the official land registry of Vanuatu.\u201d<\/p>\n

Unlike famous flops such as Fyre festival or CryptoLand\u00a0\u2014 or any other failed fantasy project from an overly enthusiastic team of venture capitalists \u2014 Satoshi Island has mapped out a strategy, ticking off key developments in an orderly fashion. The team scoured the globe to choose a location, respected the legal process and avoided paid marketing or influencer campaigns. <\/p>\n

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Watch our video & see how we’re turning a dream into reality!<\/p>\n

Yes, we already own the island
Yes, we can develop as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise<\/p>\n

\ufe0f#satoshiisland<\/a> a home for crypto enthusiasts & professionals worldwide! pic.twitter.com\/1O05kmfrN1<\/a><\/p>\n

\u2014 Satoshi Island (@satoshiisland) January 27, 2022<\/a><\/p><\/blockquote>\n

The Satoshi Island vision began during the 2017 bull run, as the \u201cconcept started out as an idea to have a place for the crypto community to call home and the actual island was chosen years after.\u201d In fact, \u201cit took many years to find the right island and to get everything together to be able to release to the public.\u201d<\/p>\n

First, the island had to be remote enough for privacy but not so remote that development would be too difficult. Second, the island should not be at risk of climate change and be protected from natural disasters. The slog to find an adequate location was compounded by the knowledge that, while it was \u201cundoubtedly exciting\u201d to pore over the world in search of an island for sale, they \u201chad to be realistic.\u201d<\/p>\n

\u201cThis project started out as a crypto project looking for an island, not an island looking to become crypto city.\u201d<\/p><\/blockquote>\n

Plus, the government managing the territory must be \u201copen to the idea of a crypto city.\u201d Finally, after years of searching, the team was onto a winner with Vanuata: \u201cThe government showed a willingness to innovate and were open to discussions right away.\u201d <\/p>\n

Indeed, the Pacific island nations are building a reputation for being crypto-friendly. Nearby, in Tonga, Bitcoin as legal tender has been widely discussed while just across the same body of water, the Marshall Islands has \u201copened the gates\u201d to DAOs. <\/p>\n

<\/figure>\n

Vanuatu lacks \u201cjobs and tourism,\u201d while in terms of animals, the island \u2014 which used to be called Lataro \u2014 was overfished and over-poached. The population of coconut crabs was driven \u201cclose to extinction\u201d prior to the land purchase. <\/p>\n

The Vanuatu government warmed to the idea of creating a future-thinking space where job creation would be high. As for the crabs, the plan is to revive dwindling wildlife populations. <\/p>\n

\u201cThe minister of finance was already interested in the idea of a digital economy and using blockchain technology when we spoke to him, so he was very excited about the idea of having our company and many of the brilliant minds in our industry call Vanuatu home.\u201d<\/p><\/blockquote>\n

The team has since received a letter of support from the government to start building on the island using the \u201clatest and greatest sustainable technology,\u201d as solar power features are just one example of being added to the new builds of modular homes. The architect for the project added that \u201cit\u2019s a wonderful opportunity for them to build a land from the ground up.\u201d<\/p>\n

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Artistic rendering of the modular homes powered by the sun. Source: SI<\/em><\/figcaption><\/figure>\n

All of the energy generated from the island will be from renewable sources. Meanwhile, the team said that they\u2019re \u201cnot really focused on cryptocurrency mining.\u201d Instead, the plan is to use \u201csolar panels built on top of the homes to run the entire community basically on a shared grid.\u201d<\/p>\n

When pressed on whether Bitcoin mining enthusiasts could pack an S19 into their suitcase to be able to mine sustainably, the team said that\u2018s still no problem at all. <\/p>\n

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The sustainability-centric modular homes under construction. Source: SI<\/em><\/figcaption><\/figure>\n

Sustainability aside, the team stressed the importance of the overall feel of the island. \u201cIt\u2019s not a resort\u201d because it will be a \u201chome\u201d with \u201ca permanent population.\u201d According to the website, the goal is to be considered the \u201ccrypto capital of the world\u201d \u2014 an unachievable goal without permanent residents.<\/p>\n

21,000 investors or residents, echoing the 21 million Bitcoin that will ever be mined, will be the island\u2019s headcount. Naturally, residency is granted via an NFT minted on the blockchain. To date, 50,000 people have registered interest in the project, buying into the vision of a \u201ccommunity where they can live, work and visit all year round.\u201d<\/p>\n

Nonetheless, NFT residency does not grant Vanuatu citizenship. If crypto enthusiasts want to say goodbye to fiat and hello to a year-round cryptocurrency life in the sun, the Vanuatu government states that citizenship costs $130,000. <\/p>\n

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The Land NFT marketplace for Satoshi Island. Source: SI<\/em><\/figcaption><\/figure>\n

The NFT marketplace is imminent while building the physical island development is underway. A \u201cprivate opening\u201d of the island is planned for quarter four this year for short-term visits. By early 2023, NFT homeowners will \u201cbe able to begin residing on the island.\u201d <\/p>\n<\/div>\n