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Developers Are Transforming The Fyre Fest Island Into An Exclusive Colony For Crypto Millionaires

The failure of the Fyre Festival, which was run by convicted felon Billy McFarland, was made into a Netflix documentary in 2017. Now, a new company wants to resurrect the Bahamas island with NFT-gated luxury villas for the crypto elite, which will be purchased and sold solely using NFTs.

According to a press statement issued Wednesday, AGIA International claims it will sell “60 ultra-luxurious pavilions and villas” on Great Exuma Island and will be “the only community strictly sold via NFTs.”

According to the release, the buildings will range in size from 1,000 to 6,500 square feet. According to the project’s website, aspiring island residents have to pay $10,000 to get on the project’s “allowlist,” or presale list. Homes are estimated to cost between $1.5 million and $5 million.

“We bought this community because we saw its future, not its past,” said AGIA International Co-founder Erik Sanderson of the now-infamous area.

Sanderson also said that the new development would create 150 construction employment and 125 long-term hospitality jobs.

This is not the first time an NFT has been suggested to be used as a de facto “deed” signifying ownership of tangible property or real estate, even though it may appear to be a marketing gimmick. Even in the downward market, several real-world houses that were sold via NFTs are still making headlines.

It’s important to emphasise that granting any NFT based on unfulfilled promises could be quite dangerous. In addition, blockchain transactions on networks like Ethereum are irreversible, making reimbursements unlikely if AGIA’s effort becomes the next Fyre Festival.