"Satoshi Nakamoto Island" Crypto Utopia Receives 50,000 NFT Citizenship Applications

Besides El Salvador, another new Bitcoin-centric destination has appeared on the map. Located in the remote South Pacific, Satoshi Island is a 32-million-square-foot private island sanctuary that is "the home of the crypto community."

Satoshi Island is a honeymoon getaway, 007 villain's hideout, and naturalist's paradise, but it has one mysterious exception: it's 100% encrypted. In an interview with Cointelegraph, the Satoshi Island team of Denys Troyak, James Law, Taras Filatov, and Benjamin Nero mentioned:

“It’s a true crypto economy where everything is paid for in cryptocurrencies and ownership of everything on the island is represented in NFTs.”

With a name inspired by Bitcoin (BTC) creator Satoshi Nakamoto, the team added, “The island intends to host events throughout the year and serve as a home and headquarters for crypto projects, as well as crypto enthusiasts worldwide. meeting place."

Down the road, the island could "operate as a decentralized autonomous organization." So far, they have purchased an island, obtained a building permit, and reached a milestone of having received 50,000 NFT visa applications to become permanent crypto residents on Yong Island. The NFT marketplace is currently very confidential.

The infrastructure construction site of Satoshi Nakamoto Island. Source: SI

Even for the ambitious crypto community, creating a crypto utopia seems unquestionable. Still, the founders have received “50,000 applications for our free citizenship, which is our whitelist for selling land while also allowing holders to live on the island and enjoy many other benefits.”

Each home on the island will become an NFT, or "Satoshi Island Land NFT," tradable. For traditionalists, NFT holders can “transform their digital rights into physical documents in Vanuatu’s official land registry”.

Unlike notable failed projects like Fyre festival or CryptoLand, or other failed fantasy projects run by overzealous venture capitalists, Satoshijima has developed a strategy with a methodical list of key development projects. The team chose a location across the globe, respecting the legal process and avoiding paid or influencer marketing.

The vision of Satoshi Nakamoto Island began in the 2017 bull market, "the original idea was to provide a place for the crypto community to call home, and the actual island was chosen a few years later." In fact, "we spent a lot It took years to find the right island and put everything together before it could be opened to the public."

First, the island must be remote enough to allow for privacy, but not so remote that it would be too difficult to develop. Second, islands should not be exposed to the risk of climate change and should be protected from natural disasters. Finding a suitable location was a tough road, as they knew that while scouring the world for an island for sale was "undoubtedly exciting", they "had to be realistic".

“This project started as a crypto project looking for an island, not an island hoping to become a crypto city.”

Additionally, the government administering the territory must be “open to the idea of a crypto city.” After years of searching, the team finally found Vanuatu: "The government has shown a willingness to innovate and is willing to discuss it immediately."

In fact, the Pacific Island nation is building a crypto-friendly reputation. In nearby Tonga, Bitcoin has been widely discussed as a fiat currency, while just on the other side of the same waters, the Marshall Islands have “opened their doors” to DAOs.

Vanuatu lacks "employment opportunities and tourism", and when it comes to animals, the island once known as Lataro is overfished and poached. Before the land was purchased, the coconut crab population was "endangered".

The Vanuatu government is keen to create a space to think about the future where a lot of job opportunities can be created. As for the crabs, their plan is to restore dwindling wildlife populations.

“When we spoke to the Minister of Finance, he was already interested in the idea of the digital economy and using blockchain technology, so he was very excited that many of the great minds in our company and our industry would make Vanuatu home.”

The team has already received a letter of support from the government to start building on the island using the "latest and greatest sustainable technology", including adding solar panels to the new modular homes. "It's a great opportunity for them to build the land from scratch," added the project's architects.

Artistic rendering of a modular home powered by solar energy. Source: SI

All energy on the island will come from renewable sources. At the same time, the team stated that they are "not really focused on cryptocurrency mining." Instead, the plan is to use "solar panels built on top of houses to run the entire community on a shared grid."

When asked if Bitcoin mining enthusiasts could pack the S19 into a suitcase for sustainable mining, the team said that's still not an issue at all.

Sustainability-focused modular homes under construction. Source: SI

In addition to sustainability, the team also emphasized the importance of the island's overall feel. "It's not a resort" as it will be a "home" with "a permanent population". According to the website, the goal is to be considered the “cryptocurrency capital of the world” — a goal that cannot be achieved without permanent residents.

21,000 investors or residents will be the total population of the island, corresponding to the 21 million bitcoins that will be mined. Of course, residency is granted through NFTs created on the blockchain. So far, 50,000 people have expressed interest in the project, confident in their vision of "a community where people can live, work and visit year-round".

Nonetheless, NFT residency does not confer Vanuatu citizenship. If crypto enthusiasts want to say goodbye to fiat currency and welcome crypto life in year-round sunshine, the Vanuatu government says citizenship will cost $130,000.

Land NFT marketplace for Satoshi Island. Source: SI

The NFT marketplace is about to go live, and physical island development is underway. Nakamoto Island plans to start a "private opening" in the fourth quarter of this year, limited to short-term visits. By early 2023, NFT owners will "be able to start living on the island."

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