SATOSHI ISLAND
‘Satoshi Island’ crypto utopia receives 50K citizenship NFT Applications
With the vision to build the first-ever crypto capital, Satoshi Island in the South Pacific is creating an unparalleled buzz in the world of cryptocurrency. Modular houses, sustainability, unlimited crypto usage, and NFT citizenship await here.
It was in January that the first-ever news of the existence of Satoshi Island came to the surface.
It was due to the reporting of Crypto News Australia. As it turns out, the news is not fake or a scamming attempt. In fact, the private island located in South Pacific is being dubbed as the crypto home for the ever-increasing community of crypto enthusiasts. Satoshi Island is clearly a tribute to the legendary anonymous creator the Bitcoin, Satoshi Nakamoto.
Watch our video & see how we’re turning a dream into reality!
Yes, we already own the island
Yes, we can develop as advertised
Yes, the government supports our plan
Yes, our team has relevant expertise
#satoshiisland a home for crypto enthusiasts & professionals worldwide! pic.twitter.com/1O05kmfrN1
— Satoshi Island (@satoshiisland) January 27, 2022
A team of four crypto enthusiasts – James Law, Benjamin Nero, Taras Filatov, and Denys Troyak are the masterminds who begin the ingenious – Satoshi Island. Perhaps, the most unique aspect of this remote island is that it is 100% crypto. In fact, fiat currency is not allowed here, and the team envisions building it as a genuine crypto economy where NFT represents ownership and payments are done in crypto.
Regarding the motivation of this island, the Satoshi island group states that “the island intends to host events all year round, house and headquarter crypto projects as well as being a gathering place for crypto enthusiasts worldwide.”
They also further declared that in the future the island could be open to working as a decentralized autonomous organization.
Vision of the Satoshi Island
The idea for the creation of Satoshi Island came amidst the 2017 bull run. Initially, the concept for the island began as a place that the crypto community across the globe can call home. However, the island was actually chosen after many years as various stipulations had to be met. These are –
- The island needs to be remote to maintain privacy but not too much remote as it could cause hindrance to development.
- While the venture was no doubt extremely exciting, the team agreed that it “had to be realistic.”
- The island must be protected from climate changes and natural disasters.
That is exactly why it took several years to choose the perfect island for the location and announce it to the public.
Satoshi Island: Information till now
In short, the team of Satoshi Island has managed to purchase an island in the South Pacific. They have gained build permits and have even claimed to receive 50,000 NFT or non-fungible token applications to attain crypto residents here.
While the project does seem to have a flair for crypto utopia, the project is not completely unassailable. In order to prevent disastrous flops such as CryptoLand or Fyre Festival, the team has concentrated on outlining an efficient strategy.
After that, they have ticked off all necessary requirements and protocols to make sure nothing attributes to its failure. In order to choose the ideal location, the team searched spots across the globe and completed the legal procedures. Besides, paid marketing was actively avoided in this case.
Vanuatu: Home of the Crypto island
Searching for the location of Satoshi island was by no means an easy feat. That is because the government handling the management of the island had to be open to the world of cryptocurrency. Moreover, they must be willing to exhibit innovation and initiate discussion for the development of a crypto home.
After much deliberation and effort, the team focused on one Vanuatu. The government here displayed the willingness to continue further discussions. While the nation has a distinct lack of tourism and employment, it is highly overpopulated with wildlife. However, poaching is also a major issue here. The island, once populated with coconut crabs, is now on the brink of extinction, as observed just before the purchase of the location.
Satoshi Island: The location
Fortunately, the government of Vanuatu was welcoming to the concept of creating this crypto island. The main objective was the opportunity to create more jobs for the people here. The team even has plans to repopulate or revive the decreasing wildlife on the island.
The Vanuatu government has sent a letter of support to the Satoshi Island team to start building modular homes with the “latest and greatest sustainable technology”. This refers to the usage of solar power as it is a renewable source of energy.
The team stated – “The 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.”
Hurdles for the Satoshi Island Development
Though the development of homes on Satoshi Island is all set, there is no project without having absolutely no hurdle. Just last year, the government of Vanuatu passed a law that stated that companies dealing with crypto assets need to obtain a special license. The body responsible for issuing these licenses is the Vanuatu Financial Services Commission. In a surprising media release, the Vanuatu Financial Services Commission stated that Satoshi Island has not yet been granted such a license.
Moreover, Johnny Koanapo Rasou, the Finance Minister of Vanuatu has declared that policies surrounding blockchain and cryptocurrency still need work. In fact, he stated that – “It’s a new form of doing things and from our perspective, it’s something Vanuatu will have to think seriously about. We need to have legislations updated so they can absorb the implementation of the cryptocurrencies.”
Though thousands of people across the globe are vying for a piece of the crypto capital, it is not that easy. Simply applying for an NFT residency is not enough to become a permeant resident of the island. In fact, the government has declared that the cost of attaining citizenship on the island will cost US$130,000 per individual. After that, they can stay here and enjoy the crypto economy in the truest terms. Planning for a private opening for short-term visits is underway for the 4th quarter of this year. If things go according to plans, homeowners could reside here from early 2023. Moreover, if you want to invest in Metaverse in another way you can read this article How to Invest in the Metaverse: A step-by-step guide.
