With the increase in popularity of non-fungible tokens, the blockchain has witnessed the sale of some fascinating things and pieces. An artist went up in flames a Lamborghini Huracan and sold the charred remains as digital assets in February 2022. Damien Hirst, a British artist, burned hundreds of physical artworks after auctioning them on the blockchain as NFTs. Citizenships are now traded and sold on marketplaces as NFTs.

Purchase a Ticket to Satoshi Island

An aggressive expansion project is in the works to create Satoshi Island, transforming a South Pacific island into a haven for cryptocurrency investors. Lataro Island is presently a virgin rainforest that will be transformed into an innovative and sustainable city. Developers Anthony and Theresa Welsh, who currently reside on the 300-hectare island, are at the helm of this project.

They intend to transform the island into a community of cryptocurrency investors. The lack of income taxes on the island is its most appealing feature. Anthony Welch clarified that the island's plans call for 21,000 investors and that anyone wishing to buy or create land would need to grab citizenship, which is currently traded on marketplaces.

Each NFT that is minted typically represents a type of property that is being sold. It also grants exclusive access to the island, which will be home to only 21,000 people. However, for those who don't wish to become citizens, the property developer says there really are plans for a resort where crypto investors can enjoy the island without becoming citizens.

Citizenship Passes were issued on October 30th and had nearly 1,000 ETH in volume on OpenSea.

NFTs Are Not Extinct

NFTs are a long way from their heyday, but that doesn't mean they've been written off entirely. Even in the midst of the crypto winter, they are still gaining traction as creators find novel ways to incorporate ownership into their projects.

These non-fungible tokens, such as the Citizenship NFTs, have transitioned from in-game connectivity to having some real-world utility. Trading volume has been on the rise during this period as more traders come back to the market.

The trading volume on OpenSea in the last 24 hours increased by more than 30% to $22.27 million. According to DappRadar data, the number of traders on the leading NFT marketplace increased by more than 42% during this time, to 34,267.

How do you feel about citizenships being bought and sold on a marketplace? Drop your comments by sharing this article on social media.

Nov 2, 2022
Digital Lifestyle

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