Satoshi Island, a new a crypto destination inspired by the creator of Bitcoin Satoshi Nakamoto, located in the South Pacific country of Vanuatu, was recently described by the Satoshi Island founding team as: “A true crypto-economy where everything will be paid for in crypto and all ownership on the island is represented with NFTs,” adding that Satoshi Island could “host events all year round, house and headquarter crypto projects,” as well as be a gathering place for crypto enthusiasts from across the globe. Based on a report on CoinDesk.com, the Satoshi Island team, made up of Denys Troyan, James Law, Taras Filatov and Benjamin Nero, has already purchased an island, secured build permits and reached a milestone of 50,000 visa nonfungible token (NFT) applications to become permanent crypto residents, while going forward the island could “operate as a decentralized autonomous organization,” or DAO.
The way the news outlet explains it, the founders of Satoshi Island have already received “50,000 applications for our free Citizenship NFT, acting as a whitelist to enter our Land NFT sale, while also permitting the holder to live on the island with many other benefits,” with every home being an NFT, or a “Satoshi Island Land NFT,” which can be traded, or, for the traditionalists, NFT holders can “turn their digital rights into physical documentation on the official land registry of Vanuatu.” CoinDesk goes on to note that the Satoshi Island team scoured the globe to choose a location, respected the legal process and avoided paying marketing or influencer campaigns, while the Satoshi Island vision initially began during the 2017 bull run, with the concept starting out “as an idea to have a place for the crypto community to call home and the actual island was chosen years after,” and noted that, “it took many years to find the right island and to get everything together to be able to release to the public.”
Upon choosing an island for the destination, the team had to first make sure the the location was remote enough for privacy but not so much so that development would be too difficult, while the island should not be at risk of climate change and be protected from natural disasters, as highlighted by the news outlet, with the team explaining, “This project started out as a crypto project looking for an island, not an island looking to become a crypto city.” As reported by CoinDesk, After years of searching, the Satoshi Island found a winner in Vanuata, a nation where the government managing the territory that was “open to the idea of a crypto city,” and where, “The government showed a willingness to innovate and were open to discussions right away.” The Pacific Island nations are building a reputation for being crypto-friendly, as witnessed nearby in Tonga, where Bitcoin as legal tender has been widely discussed, while just across the same body of water, the Marshall Islands has “opened the gates” to DAOs, as previously reported by the news outlet.
The Satoshi Island team even received a letter of support from the government of Vanuatu to start building on the island using the “latest and greatest sustainable technology,” with solar power features being just one example of what is being added to the builds of modular homes, as mentioned by CoinDesk, while the architect for the project added that “it’s a wonderful opportunity for them to build a land from the ground up.” While the team is not against the idea of cryptocurrency mining in Satoshi Island, they explained that they’re “not really focused” on that, but instead plan to use “solar panels built on top of the homes to run the entire community basically on a shared grid,” as published by the news outlet. The team went on to stress the importance of the overall feel of the island, explaining that, “It's not a resort” because it will be a home with “a permanent population,” as noted by the news outlet, which cites the project’s website stating that the goal is to be considered the “crypto capital of the world,” which would be an unachievable goal without permanent residents.
To conclude, CoinDesk reports that only 21,000 investors or residents will be the Island’s headcount, echoing the 21 million Bitcoin that will ever be minted, while naturally, residency is granted through an NFT minted on the blockchain. To date, 50,000 people have reportedly registered interest in the project, as indicated by the news outlet, although NFT residency does not automatically grant Vanuatu citizenship, which must be applied for through a residence permit or citizenship, with the Vanuatu government currently charging $130,000 to become a citizen. As development of the physical island is underway, there is also an NFT marketplace in the works, as highlighted by the news outlet, while a “private opening” of the island is planned for quarter four (Q4 2022) of this year for short-term visits, while, by early 2023, NFT homeowners will “be able to begin residing on the island,” as indicated by the team.
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- BeforeSelectingVanuatuAsSatoshiIslandTheFoundersScouredTheWorldToChooseTheRightDestination/RespectedTheLegalProcessAndAvoidedPayingMarketingOrInfluencerCampaignsWhileTheVisionForSatoshiIslandBeganDuringThe2017bullRunWithTheConceptStartingOutAsAnIdeaToHavePlaceForCryptoCommunityToCallHome
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https://cointelegraph.com/news/satoshi-island-crypto-utopia-receives-50k-citizenship-nft-applications