By: April Carson
The country of Vanuatu is constructing a "crypto paradise" on its largest island, Efate, and charges $130,000 for citizenship. The country is luring in the super-rich with the promise of a "luxury lifestyle" and "tax-free haven."
The island, which is set to be completed in 2023, will be equipped with its own cryptocurrency exchange, ATMs, and a blockchain-based voting system. The resort will also have its own private jet service and a fleet of Tesla cars.
The island's citizenship is an NFT, and all transactions on the island will be paid in cryptocurrencies.
Even though the game is set in a virtual world, Satoshi Island is very much a real location.
More than 50,000 individuals have applied to live there.
The first phase of the project is expected to cost $50 million. Satoshi Island is being developed by a team of Japanese and British entrepreneurs. The island is billed as "the world's first crypto-powered virtual nation."
With the rise of cryptocurrencies, a new breed of super-rich investors has emerged.
The homes are now being built, and the current plan is for residents to move in 2023. While the project is still in its early stages, the team behind Satoshi Island is confident that it will be a success. The island has already attracted a lot of interest from potential residents and investors.
The private island is approximately 32 million square feet in size.
"Satoshi Island is a 32-million-square-foot private island in Vanuatu, tucked between Australia and Fiji and separated from the mainland by a 50-mile stretch of water.
The island, which is currently owned by Satoshi Island Holdings Limited, will be turned into a crypto-friendly haven for professionals and enthusiasts with the aim of becoming the blockchain capital of the world.
"After years of planning, the Vanuatu Ministry of Finance gave us permission to establish Satoshi Island into a real-world crypto economy and blockchain-based democracy," says one representative.
It was named after Satoshi Nakamoto, the Bitcoin inventor.
The island is not a resort, and it will have a permanent population of individuals who call it home, according to the description.
The island will ultimately be home to 21,000 investors/residents.
A wanted NFT that has been minted and added to a resident's crypto-wallet will serve as proof of residency. Later this year, the island may open to the public in a private ceremony for a select few people.
But if you're looking to get in on the action, you'll have to be prepared to pony up some serious cash. The cost of a plot of land on the island starts at $50,000 and goes up to $2 million.
What is an NFT?
The popularity of non-fungible tokens, known as NFTs, is growing and anyone who wishes to live on ‘Satoshi Island' will need to get in on it.
The invention of bitcoin has opened the door to a new world of digital currencies, which is now being followed by the introduction of NFTs.
Cryptocurrencies are made up of computer code and coins such as Bitcoin or Dogecoin have logos that are recognized.
A non-fungible token (NFT) is a type of cryptocurrency that digitizes a piece of work, such as art or music, and converts it into a non-fungible token that may be stored on the blockchain. It implies it's un-duplicable.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
To read more of April's blogs, check out her website! She publishes new blogs on a daily basis, including the most helpful mommy advice and baby care tips! Follow on IG @bossbabymav
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