SATOSHI ISLAND, Vanuatu--(BUSINESS WIRE)--After two years preparing for launch, Satoshi Island, the crypto focused private island officially went public today. Satoshi Island Limited, which owns the entire 32 million sq. ft. South Pacific island, is approved to go forward with their plan to transform it into the cryptocurrency capital of the world. With favorable laws, support from the government and all the approvals necessary to embark on the development, the tropical island paradise is being designed with the crypto ethos in mind. Satoshi Island will become the first real-world crypto economy, decentralized democracy and also have real estate and licenses all represented by non-fungible tokens (NFTs).
“Living, working, and visiting Satoshi Island will be an experience like no other. The tech industry has Silicon Valley, the entertainment industry has Los Angeles and soon the crypto community will have its own mecca,” said James Law, principal of James Law Cybertecture and chief architect of Satoshi Island.
The first stage of development has already been completed. It includes traditional island-style villas which serve as a check-in area and a relaxation center where visitors can unwind before exploring the entirety of the island. The remainder of the island is being developed with ultra-modern modular homes and offices designed and built by James Law Cybertecture. The modular smart homes called “Satoshi Island Modules” are built offsite and are shipped to the island move-in-ready. With a current production ability of around 200 modules per month, coupled with the rapid installation process, Satoshi Island expects to welcome the first Satoshi Islanders by Q4 of 2022.
An Evolution in NFTs
Satoshi Island is taking the next step in the evolution of NFTs by introducing a way to turn digital ownership into physical ownership. Anyone can own a piece of the island by acquiring Satoshi Island land NFTs that entitle holders with the same rights as holding a physical land title. Land NFT owners can develop their property with private homes or apartment complexes and choose to reside in them or lease them to other would-be Satoshi Islanders. The NFTs can be bought and sold easily, without any of the complications associated with the transfer of traditional real estate, but for those who would prefer a more traditional form of ownership, the NFTs can be converted into a new type of token, called the Non Fungible Property Token (NFPT). Once converted from NFT to NFPT, Satoshi Island Limited will assist the holder in turning their digital rights into physical documentation on the official land registrar of Vanuatu. Although the NFPT was conceptualized for use on Satoshi Island, the technology and intellectual property associated with this process will be freely available, under open source license, to private companies or governments which see merit in its application.
A Metaverse Mirrored in Reality
Although Satoshi Island is a real place, there is also a Satoshi Island metaverse giving anyone the ability to explore a virtual replica of the island where they can watch the development progress on the real island. Landowners can also use this virtual version of the island to design their homes online before finalizing their builds in the real world.
Real-World Decentralized Democracy
Satoshi Island will be governed by its residents in a true democracy built on the blockchain. Representatives of the people will be elected fairly and transparently and all Satoshi Islanders will get a chance to have their say. One NFT, One Vote.
About Satoshi Island
Satoshi Island is a 32 million sq. ft. private island in development to become home for crypto professionals and enthusiasts worldwide. The island is fully approved to develop into the first real-world crypto economy and blockchain based democracy. Satoshi Island recognizes crypto as its exclusive form of currency and has millions of sq. ft. of residential and commercial land represented by non-fungible-tokens (NFTs). The island, which is owned by Satoshi Island Limited, is located in the South Pacific country of Vanuatu, neighboring the popular tourism destination, Fiji. With favorable laws supporting innovation and new technologies, the crypto focused island is now welcoming individuals and companies within the crypto industry to join the first wave of Satoshi Islanders.
For more information about land NFTs, residency and tourism, visit www.Satoshi-Island.com.