The Fyre Festival's failure, condemned felon Billy McFarland organized, was made into a Netflix documentary in 2017. With NFT-gated luxury villas, a new company wants to put that Bahamas island back on the map.

According to a press release on Wednesday, AGIA International claims it will sell "60 ultra-luxurious pavilions and villas" on Great Exuma Island and will be the only society strictly auctioned via NFTs.

The buildings' sizes will range from 1,000 to 6,500 square feet. According to the project's website, ambitious island residents will have to pay $10,000 just to be added to the project's "allowlist," or presale list. Homes are expected to cost between $1.5 million and $5 million.

Sanderson claims in the release that the significant innovation will create 150 construction jobs and 125 long-term hospitality jobs.

According to a quick Linkedin search, Sanderson has been associated with AGIA since 2021. In addition to AGIA, Sanderson appears to be the CEO of the Technomarine Group, a sailing and marine company based in Florida. The AGIA co-founder did not respond immediately to Decrypt's request for comment.

Although it may appear to be a publicity stunt, this isn't the first time an NFT has been used or has been planned to be used as a de facto "deed" indicating ownership of actual property or real estate. Several real-world houses have been sold using NFTs and are still making headlines, even during the bear market.

The Bahamas, in general, has a background of being crypto-friendly, with FTX CEO Sam Bankman-Fried based there.

Regardless, it is important to note that issuing any NFT based on lofty but unfulfilled promises can be extremely risky. Because blockchain transactions on blockchain networks like Ethereum are irreversible, users may be unable to obtain refunds if AGIA's venture transforms into the next Fyre Festival.

What are your thoughts on Fyre Festival's island being turned into an enclave for crypto millionaires? Drop your comments by sharing this article on social media.

*Article Photo Credits to: Fyre Festival island. Image: AGIA International*

Oct 26, 2022
Digital Lifestyle

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