“Utopia is not the unrealizable, but the unrealized. » – The incredible project of an island entirely managed in cryptocurrencies is potentially on the verge of materializing in the middle of the Pacific. After several years of development, the Ministry of Finance of Vanuatu has recently given its agreement and announced that it is ready to launch the machine. Will Satoshi Island really become the first “iconic territory” for crypto-enthusiasts? Or is this just one of the many mirages that the crypto ecosystem is used to?
A crypto land to conquer in the middle of the Pacific Ocean
Satoshi Island is found in the small archipelago of Vanuatu, located in the southern Pacific Ocean. The private island is presented as belonging to the equally private fund management group Satoshi Island Limited of which it is somewhat difficult to find the legal existence and the jurisdiction where the entity would have been registered.
The goal is simple: to be the first company to support decentralized finance and thus become the world capital of cryptocurrency and Blockchain technology, just that. The project is supposedly supported by a Vanuatu government crypto friendly, it is expected that the first citizens, investors or simply curious people can be welcomed in 2022.
The 3 million square meters of surface that possesses the island will be divided into 2100 blocks of Lands. All the blocks will themselves be divided into 10 plots, sold as NFTs.
21,000 plots, a strong symbol that refers to the maximum number of bitcoins that can ever be mined.
It will be possible for investors to buy one or more plots of the same block in order to enlarge their property. According to a recent press release, these Lands will be convertible into a non-fungible property token (NFPT) and the holder will have to pursue the steps in order to transform this NFPT into a traditional deed of ownership, registered on the land register of Vanuatu.
Once the NFPT – and therefore the ground – in pocket, will come the design and the installation of the villa. The architectural firm James Law Cybertecture, in charge of the project, developed and finalized the “Satoshi Island Module”, intended as “sustainable and intelligent” buildings.
“Modular development is the future of urban construction, instead of decades they will be completed in a few years”
James Law
In a classic studio format, these modules have been designed to be “combinable” and stackable. Houses, offices or businesses can thus be arranged according to the tastes and needs of each.
Satoshi Island also offers its future inhabitants the opportunity to acquire “citizen status” – always in the form of NFT – the latter offering many advantages and exclusive rights. Limited to 21,000, these “Citizenship NFTs” will be sold and distributed in the weeks and months to come. It is stated that the citizenship of Satoshi Island ” would have no relation to Vanuatu citizenship“.
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A taste of “Too big, too beautiful”
If the promises made by Satoshi Island are enticing, gray areas persist. Indeed, apart from the information, rather well presented, shared on the official site, we only have very few elements to build an objective vision of the true feasibility of the project.
More worryingly, while the group has announced that it has received the green light from the Vanuatu authorities, new requests for certification have remained unanswered. In addition, the Journal du Coin contacted the Vanuatu consulate in New Caledonia. It was clear that no one had heard of this great project, all in all rather discreet, which contrasts surprisingly with the announced ambitions and the current communication campaign initiated by the project.
Satoshi Island is not the first libertarian ambition of a land organized by a crypto community. We can for example think of the very controversial “CryptoLand”, a private island in Fiji bought to build a universe entirely dedicated to the crypto world. CryptoLand is – and will be, perhaps – a kind of huge theme park where cryptofans can find their favorite memes such as a taxi-lambo, toilets called “Shitcoin” or a memorial to the glory of the famous Bitconnect scam…
The problem being that today a large part of the community agrees that CryptoLand will not be worth more than a “Fyre Festival”: a particularly oversold project, very little transparent and denounced by some as quite simply unachievable.
Finally, and since the symbols are important, it is also difficult not to note that if the Bitcoin iconography is widely highlighted in the communication of the project – right down to his baptismal name – assets in the form of NFTs will indeed be issued on… Ethereum.
A shift far from the “purity” of the Salvadoran initiative, for example, and which could well strangle the most maximalists, or more simply those who are mainly looking for consistency in this type of initiative, beyond the flashy announcement effects.
If the crazy project of Satoshi Island will not fail to make the most enthusiastic dream, certain points are to be clarified in order to have a more reassuring vision as for the feasibility and the durability of the island. This fashion for localities independent of traditional institutions and entirely governed by a crypto ecosystem seems indeed still precocious today. The paradisiacal beaches and villas acquired thanks to NFTs still seem to be only promises that it would be reasonable to take with a grain of salt.
Warning : the Satoshi Island project is about to make its first NFT sales. The JDC urges you to exercise the greatest caution when it comes to this type of exotic project, organized in jurisdictions where it will be difficult to assert your rights in the event of disappointment. Do your own research and only make investment decisions when fully informed.
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