Fyre Festival’s Island Bahamas is expected to be back on the map with NFT-gated luxury villas

In 2017, on Bahamas Island, Billy McFarland, a convicted felon, had run the Fyre Festival, which failed. This failed festival was such a drama that it was turned into a Netflix documentary. Now a new company showed interest in this Island, and they wanted to turn this Bahamas Island into NFT-gated luxury villas.

According to a press release on the 19th of October, the company behind this project, AGIA International, claimed that it would sell 60 ultra-luxurious pavilions and villas on the Great Exuma Island. Moreover, the company said that it would be the only community strictly sold through NFTs.

As per the press release, the luxurious pavilions, and villas will range in size from 1,000 to 6,500 square feet. However, according to AGIA international, the project’s website, the residents who want to get on the allowlist or presale list for the project will have to pay around $10,000. While the Villa’s price is expected to range in price from roughly $1.5 million to $5 million, which shows how much expensive this island is going to be.

In a statement, Erik Sanderson, the co-founder of AGIA International, said that they bought this community because they saw its future, not its past. Moreover, in the statement, Erik claimed that their new project would create 150 jobs during its construction process, and there would also be 125 longer-term hospitality jobs.

According to his LinkedIn profile, Erik has been working at AGIA International since 2021. It seemed that he also worked as CEO of the Technomarine Group, a boating and marine company in Florida.

It’s not the first time that someone planned or used NFT as a de facto deed, which is a term that shows ownership over physical property or real estate. There are different examples available that multiple real-world houses that have been sold through NFTs. 

However, the Bahamas Island has a history of being crypto-friendly, such as FTX CEO Sam Bankman-Fried having his crypto exchange headquarters in the Bahamas.

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