According to reports, there’s a 32 million square-foot island located in Vanuatu that’s in the midst of being constructed into a crypto-centric residential community by the island’s owners: Satoshi Island Holdings Limited. So far, more than 50,000 individuals have applied to live on Satoshi Island, and land rights will be minted in the form of non-fungible token (NFT) assets.

After Construction is Completed, Satoshi Island aims to be the ‘Crypto capital of the world ‘

There is an island in Vanuatu between Australia and Fiji that’s being converted into a cryptocurrency and blockchain advocate island. Vanuatu is an archipelago that consists of 83 islands that originally stemmed from volcanic impacts.

Reports in the past show that farmland was being sold in Vanuatu for bitcoin (BTC) over six years ago in 2016. The crypto-friendly nature of the government of the nation of islands is well-known. Satoshi Island is also selling land in Vanuatu, as the region aims to develop “into a real-world crypto economy and blockchain based democracy.”

The website explains that Satoshi Island Holdings Limited owns the island and that the country’s minister of finance has given approval for the island to be built.

Planning and development of Satoshi Island is being provided by the architectural firm James Law Cybertecture. Satoshi Island architects have developed a modular development called “sustainable smart building”. Module living units can be placed in any configuration the owner chooses and can also be combined.

Modules can be built off-island, shipped to Vanuatu and then placed in position. The island residents are officially allowed to move in once they have arrived. Satoshi Island Holdings explained that the team chose Vanuatu as it has “friendly laws .”

and supports innovation.”

Satoshi Island is designed with sustainability in mind. The island’s power system will use renewable energy sources. So far, there’s been a lot of interest in the crypto-focused island, as reports disclose that the company says 50,000 people have applied for residency.

Satoshi Island Land Titles Will Be Minted in the Form of NFTs, Island’s Public Opening Estimated to Begin in Q1 2023

In addition, interested residents can purchase their land titles as a non-fungible token. “Owning Satoshi Island NFT requires an amount of responsibility not normally associated with NFT ownership.” The company fully appreciates this. Beneficiaries will be used in the same way as a last will and testament.

“Beneficiaries apply to all Satoshi Island FFTs. Holders are required to verify wallet access periodically by calling the smart contract function. The firm will inform the landowner if an unforeseeable circumstance arises:

If they cannot [call a function in the smart contract], their beneficiary will be able to claim their NFTs to ensure the assets are not abandoned. In the event that no beneficiary is set, the NFTs will be subject to a decentralized redemption period of 12 months, where previous owners can retrieve their NFT if a mistake was made. NFTs become the property of a Satoshi Island DAO once they have expired.

In addition to the land NFTs, Vanuatu citizenship will cost roughly $130,000. The island will be open to 21,000 crypto residents when the region officially opens to the public. Modular construction begins in the third quarter of 2022, and by the fourth quarter, a private opening for verified citizens of the island will be held. Satoshi Island Holdings estimates that the public opening will take place in Q1 2023 and residents can live in their homes for short and long-term periods and rent them, too.

The firm is open to both startups and established businesses setting up shop in the island. We welcome all companies, and have co-working space that can be used by start-ups.

While some reports indicate 50,000 applicants have applied to live on Satoshi Island, other reports have said: “80,000 people have already applied to receive NFT citizenship on Satoshi.” That claim is according to the Sydney-resident and operations and logistics director for Satoshi Island, Denys Troyak. The report published by ABC interviewing Troyak said that the Vanuatu Financial Services Commission (FSC) put out a press release saying that it had not granted licenses to Satoshi Island.

The FSC press release was deleted from the internet but saved on archive.org. However, three days ago on March 25, 2022, Cointelegraph’s Joseph Hall reported that the Vanuatu Financial Services Commission has officially approved the Satoshi Island residential community project. Hall wrote that Bob Loughman (the prime minister of Vanuatu) has “officially given the green signal to Satoshi Island”.

With this full endorsement from the prime minister of Vanuatu in hand, we can show everyone that Satoshi Island is as real as it gets, and the kind words of the PM inviting our community to their home could not be a warmer welcome.

What do you think about Satoshi Island in Vanuatu and the NFT land title concept? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Satoshi Island website,

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