“Satoshi Nakamoto Island” Crypto Utopia Receives 50,000 NFT Citizenship Applications

Besides El Salvador, another new bitcoin-centric destination has popped up on the map. Located in the remote South Pacific, Satoshi Nakamoto Island is a 32-million-square-foot private island reserve that is “home to the crypto community.”

Satoshi Nakamoto Island is a honeymoon resort, a 007 villain’s hideout, and a naturalist’s paradise, but it has one mysterious exception: it’s 100% encrypted. In an interview with Cointelegraph, the Satoshi Nakamoto team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero mentioned:

“It’s a true crypto-economy where everything is paid for in cryptocurrencies and all ownership on the island is represented in NFTs.”

With its name inspired by Bitcoin (BTC) creator Satoshi Nakamoto, the team added, “The island is intended to host events throughout the year and serve as a residence and headquarters for crypto projects, as well as crypto enthusiasts worldwide. meeting place.”

Down the road, the island could “operate as a decentralized autonomous organization.” So far, they have purchased an island, obtained a building permit, and reached a milestone – 50,000 NFT visa applications have been received to become permanent crypto residents on Yong Island. The NFT marketplace is currently very secretive.

"Satoshi Nakamoto Island" Crypto Utopia Receives 50,000 NFT Citizenship Applications

Nakamoto Satoshi Island infrastructure construction site. Source: SI

Creating a crypto utopia seems indisputable, even for the ambitious crypto community. However, the founders have already received “50,000 applications for our free citizenship, which is our whitelist of land for sale, while also allowing holders to live on the island and enjoy many other benefits.”

Every home on the island will become an NFT, or “Nakamoto’s Island Land NFT,” which can be traded. For traditionalists, NFT holders can “transform their digital rights into physical documents in Vanuatu’s official land registry.”

Unlike famous failed projects like the Fyre festival or CryptoLand, or other failed fantasy projects made up of overly enthusiastic venture capitalists, Satoshi Nakamoto has developed a strategy to methodically list key developments. The team chose a location globally, respecting legal process and avoiding paid marketing or influencer marketing.

The vision for Satoshi Nakamoto Island began with the bull run in 2017, “the original idea was to provide the crypto community with a place to call home, and the actual island was chosen a few years later.” In fact, “we spent a lot of It took years to find the right island and put everything together before opening it to the public.”

First, the island must be remote enough to preserve privacy, but not so remote that it is too difficult to develop. Second, islands should not be at risk from climate change and should be protected from natural disasters. Finding a suitable location is a tough road, because they know that while finding an island for sale around the world is “undoubtedly exciting”, they “have to be realistic”.

 “This project started as a crypto project looking for islands, not an island hoping to become a crypto city.”

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Furthermore, the government administering the territory must be “open to the idea of ​​crypto cities.” After years of searching, the team finally found Vanuatu: “The government has shown a willingness to innovate and to discuss it immediately.”

In fact, the Pacific island nation is building a reputation for being crypto-friendly. In nearby Tonga, bitcoin has been widely discussed as legal tender, while just across the same sea, the Marshall Islands has “opened its doors” to the DAO.

Vanuatu lacks “jobs and tourism”, and in terms of animals, the island once known as Lataro is overfished and poached. The coconut crab population was “endangered” before the land was bought.

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The government of Vanuatu is keen to create a space to think about the future, where plenty of jobs can be created. As for crabs, their plan is to restore dwindling wildlife populations.

“When we spoke to the Minister of Finance, he was already interested in the digital economy and the idea of ​​using blockchain technology, so he is very excited that many of the great minds in our company and our industry are making Vanuatu home.”

The team has received a letter of support from the government to begin building on the island using “the latest and greatest sustainable technology”, including adding solar panels to the new modular dwellings. “This is a great opportunity for them to build the land from scratch,” added the project’s architects.

"Satoshi Nakamoto Island" Crypto Utopia Receives 50,000 NFT Citizenship Applications

Artistic rendering of a modular home powered by solar energy. Source: SI

All energy on the island will come from renewable sources. At the same time, the team stated that they “are not really focused on cryptocurrency mining.” Instead, the plan is to use “solar panels built on top of houses to run the entire community on a shared grid.”

When asked if Bitcoin mining enthusiasts could fit the S19 into a suitcase for sustainable mining, the team said that is still not a problem at all.

"Satoshi Nakamoto Island" Crypto Utopia Receives 50,000 NFT Citizenship Applications

Sustainability-focused modular homes under construction. Source: SI

In addition to sustainability, the team also stressed the importance of the overall feel of the island. “It is not a resort” as it will be a “home” with a “resident population”. According to the website, the goal is to be seen as the “Crypto Capital of the World” — an unattainable goal without permanent residents.

21,000 investors or residents will be the total number of people on the island, echoing the 21 million bitcoins that will be mined. Of course, residency is granted through NFTs created on the blockchain. So far, 50,000 people have expressed interest in the project, confident in the vision of “a community where they can live, work and visit year-round”.

Nonetheless, NFT residency does not confer Vanuatu citizenship. If crypto enthusiasts want to say goodbye to fiat and embrace crypto life under the sun all year round, the Vanuatu government says citizenship will cost $130,000.

"Satoshi Nakamoto Island" Crypto Utopia Receives 50,000 NFT Citizenship Applications

Land NFT market on Satoshi Nakamoto Island. Source: SI

The NFT marketplace is about to go live, while physical island development is underway. Satoshi Nakamoto Island plans to start a “private opening” in the fourth quarter of this year, limited to short-term visits. By early 2023, NFT owners will “be able to start living on the island.”

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/satoshi-nakamoto-island-crypto-utopia-receives-50000-nft-citizenship-applications/
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