Recently, stories have been popping up about an island development that’s mixing the real world with the metaverse. That island, known as Satoshi Island sits between Australia and Fiji.
So, what’s so special about Satoshi Island?
All transactions on the island will be made in Bitcoin and all property owned will be owned as NFTs. Yes, you read that right. Cryptocurrency, NFTs, and the blockchain will be central to the island’s economy.
About the Island
Satoshi Island was named after the anonymous creator of Bitcoin, Satoshi Nakamoto, and yes, that is a fictitious name. Nonetheless, the island is no small piece of land. It spans 800 acres and contains 21,000 individual parcels of land.
The island is owned by Satoshi Island Holdings Limited, a company that has been promoting it as a cryptoland paradise. The video shows an outline of the island with a few homes on it and explains the fact that it will be the first land completely run on cryptocurrency and blockchain technology.
Moreover, according to a female robot featured in the video, the first stage of the island’s development is already complete.
The island will have seven different neighborhoods, neighborhoods it calls NFT zones. These zones will surround a central grassy patch with the Bitcoin logo in the center. Of course, with 21,000 individual parcels on 800 acres, each parcel is only about a third of an acre.
Nonetheless, those that plan on building larger buildings on the land can purchase several parcels next to each other and combine them to create a single larger parcel suited for a larger building.
In the video, you’ll find mockups of homes made of what seems to be shipping containers with a midcentury appeal to them. The homes are designed by James Law Cybertecture, a Hong Kong based architectural firm. According to various reports, the homes will be built off site and shipped in.
The coolest part is that the modules used to build the homes can be stacked in different arrangements, giving the owners the ability to create unique structures, whether they be homes, apartments, amenities, or offices.
The land will also be governed by the blockchain. EAch holder of a Citizenship NFT will receive one vote along with the right to live and work on the island.
Want a Crypto Paradise Home?
If you’re interested in diving into Satoshi Island, homes will go on sale in the second quarter of this year, with prices starting at $60,000. The first homes are expected to arrive on the island in the third quarter and should be equipped to accommodate short-stay visitors by the fourth quarter.
Of course, in order to access the island, you’ll need a Citizenship Token NFT.
By 2023, permanent residents will be allowed to move to their new home.
The Bottom Line
With the rise of NFTs, I’ve been caught saying that it’s only a matter of time before the blockchain shows some real-world capabilities. This is one of the biggest yet. An entire island that’s expected to run on crypto and NFTs is exciting for any enthusiast. Moreover, with homes starting at $60,000, prices are more than reasonable, which could make this island a high-demand crypto hotspot!