The Fyre Festival island is to be transformed into a crypto-only resort
The land that was briefly used to host the infamous Fyre Festival is being sold exclusively as NFTs – reinventing the site as an ultra-luxurious, crypto-first, resort-style community.
AGIA International, located atop Great Exuma Island in the Bahamas, plans to sell 60 ultra-luxurious pavilions and villas exclusively via a series of upcoming non-fungible token (NFT) coins on the Ethereum blockchain.
Since the infamous Fyre Festival event in 2017, the country has largely remained vacant.
Five years and tens of millions of dollars later, private spending is set to transform the site which “now promises to house the most exclusive enclave in the Caribbean,” according to a press release.
“We bought this property because we saw its future, not its past,” AGIA International co-founder Erik Sanderson, whose team’s past projects include The Setai in Miami Beach and Amanyara in Turks and Caicos, told The Post in a statement. “We saw 60 hectares of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in transport, telecommunications and infrastructure across the island.”
“When the public purchases one of the 60 residences here via their crypto wallets, they are not only buying into a wealth of ocean experiences, they are also bringing economic vitality to the Bahamas,” Sanderson added. “We are committed to growing the local economy and creating sustainable jobs.”
Designed by architect Chad Oppenheim, the development will be rooted in the aesthetics of the Greek Mediterranean.
Each home will be located on the Caribbean island’s beach, oceanfront or inner harbor, ranging from 1,000 to 6,500 square meters. Each residence will have a private pool and a private floating boat slip.
In addition, there will be a private marina for superyachts, as well as resort-style facilities that include a marina village with restaurants, bars and boutique shops.
“This is the first time an entire real estate development has been exclusively for sale on the blockchain,” Matthew Salnick, chief strategy officer at Unchained Partners, AGIA International’s blockchain developer, said in a statement. “It’s never been a 100% tokenized resort-style community.”
Earlier this year, the Prime Minister of the Bahamas, Philip E. Davis, announced his intentions to make the island the leading crypto hub in the Caribbean.
“The Bahamas is not only open and ready for business, but is at the forefront of the most exciting era in digital asset innovation. If the world of cryptocurrency is where you see your opportunities, then the Bahamas has a place for you,” said Davis.
Fyre Festival was a fraudulent luxury music festival founded by convicted fraudster Billy McFarland and rapper Ja Rule. It was created with the intention of promoting a music talent booking app for their company Fyre Media.
