The failure of the Fyre Festival, which was run by convicted felon Billy McFarland, was made into a Netflix documentary in 2017. Now, a new company wants to re-establish that Bahamas island with NFT-gated luxury villas.
According to a press release issued Wednesday, AGIA International claims it will sell “60 ultra-luxurious pavilions and villas” on Great Exuma Island and will be “the only community strictly sold via NFTs.”
According to the release, the buildings will range in size from 1,000 to 6,500 square feet. According to the project’s website, aspiring island residents will have to pay $10,000 just to get on the project’s “allowlist,” or presale list. Homes are expected to cost between $1.5 million and $5 million.
In a statement, AGIA International Co-founder Erik Sanderson said of the now-infamous area, “We bought this community because we saw its future, not its past.”
The press release also links AGIA International to the Setai hotel in Miami Beach and the Amanyara hotel in Turks and Caicos, but Decrypt has not independently confirmed this information.
Sanderson claimed in the release that the new development will create 150 construction jobs and 125 long-term hospitality jobs.
Sanderson has been connected to AGIA since 2021, according to a quick Linkedin search. Sanderson appears to be the CEO of the Technomarine Group, a boating and marine company based in Florida, in addition to AGIA. The AGIA co-founder did not respond to Decrypt’s request for comment right away.
While 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 physical property or real estate. Several real-world houses have been sold using NFTs and are still making headlines, even during the bear market.
And, more broadly, The Bahamas has a history of being crypto-friendly—FTX CEO Sam Bankman-Fried has his crypto exchange based there.
Regardless, it’s worth noting that issuing any NFT based on lofty but unfulfilled promises can be extremely risky. Blockchain transactions are also irreversible on blockchain networks like Ethereum, making refunds unlikely if AGIA’s project becomes the next Fyre Festival.
