Residences for a «Crypto Utopia» with NFT houses are being raffled off

The company Satoshi Island Limited acquired an island in Polynesia in the South Pacific to turn it into a crypto utopia. 

A small island in Vanuatu will become a tropical paradise for crypto-investors called Satoshi Island named after Satoshi Nakamoto, the creator of bitcoin. Located between Fiji and Australia, it is defined as a real and private island for the crypto community and is characterized by its use of cryptocurrencies as an official form of trading instead of fiat money (money by decree).

Projects like this had so far only been seen in virtual form, such as the Decentraland project where users are able to buy land or spaces in their virtual world backed by Blockchain technology without a real-world equivalent. Satoshi Island is thought of as an ambitious project for the crypto community where residents will be able to oscillate between the virtual and the real with ease.  

The mechanics of the island will be as follows: it will be divided into plots which will be sold as NFTs, where modules can be built which will also be NFTs and will function as a home for the crypto residents, with the option to buy more than one plot for larger residences or offices. These housing modules are designed by Hong Kong architect James Law and are sustainable as they will be solar powered. 

The government of Vanuatu is very open to innovation in order to encourage tourism and that can turn the attraction to the neighboring islands with this change. They welcome the proposal of a futuristic city because they believe it will be an economic and social benefit to the region.     

So far they have received 50,000 applications for residency, which will also be an NFT, and of which they have calculated to grant only 21,000 to be residents of the island and to be able to be part of the decision making within the island. To complete the residency process on Satoshi Island, there is also a $130,000 fee to be paid to acquire the Vanuatu residency as well.  

More information at: https://www.satoshi-island.com/