A real world petri dish for crypto experimentation is being created in Vanuatu with the blessing of its government.
A private island (“Satoshi Island”), which is part of the Republic of Vanuatu, an island country located in the South Pacific Ocean, is being developed to be a “crypto utopia”.
Here is a brief description of the Satoshi Island project:
“Satoshi Island is a 32 million square foot private island, located in the tropical paradise of Vanuatu, tucked between Australia and Fiji. The island, which is owned by Satoshi Island Holdings Limited, is intended to become home for crypto professionals and enthusiasts, with a goal to be considered the crypto capital of the world. After years of preparation, a green light from the Vanuatu Prime Minister and Minister Of Finance and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain based democracy.“
As for Satoshi Island Citizenship NFTs (which do not grant Vanuatu citizenship rights), the founders of the project say:
“Only 21,000 Satoshi Island Citizenship NFTs will ever be created. The NFTs will be released in collections, with the first edition citizenships to be granted via airdrop to early supporters of the project. Additional collections of Citizenship NFTs will be released at a later date.“
They also say that “receiving a Satoshi Island Citizenship NFT could either be considered an honor or an opportunity”, as explained below:
“Being a Satoshi Island Citizen will make you a member of an exclusive group within the Satoshi Island Community. If your intention is to be involved with the project on a long-term basis, the rights and benefits that you will receive with your Citizenship NFT, will be of great value to you and will enhance your overall Satoshi Island experience.
“If the benefits of citizenship do not excite you, you can be sure that there will be others who feel differently. Citizens Rights are applied to the holder’s wallet and therefore you can sell your Citizenship on NFT marketplaces to someone who would see value in being a Satoshi Island Citizen.”1.001.00
They also point out that “Satoshi Island Citizenship is not the same as Vanuatu Citizenship” and that “people regardless of holding a Citizenship NFT must be considered permissible for entry to Vanuatu and have a valid Visa or have a passport from one of the 130 visa free countries.”
According to a report by Cointelegraph, the 32-million-square-foot private island, dubbed “Satoshi Island,” will provide a “place for the crypto community to call home. The island is located in the remote South Pacific, and will operate only on cryptoassets as a form of currency.
Satoshi Island’s team, composed of Denys Troyak, James Law, Taras Filatov and Benjamin Nero told Cointelegraph that the island will represent a “true crypto-economy,” where everything is paid for in crypto. Satoshi Island will also rely on NFT for all forms of ownership.
The team said the island intends to host events year round, in addition to serving as a headquarters for crypto projects and a gathering place for crypto enthusiasts. The project’s team hinted that the island could be used to “operate as a decentralized autonomous organization” further down the road.
The founders claim to have already received “50,000 applications for our free Citizenship NFT,” which serves as a whitelist to enter their Land NFT sale. The Citizenship NFT also permits the holder to live on the island, as well as “many other benefits.”
Every home on the island will be an NFT that can be traded.
On March 25, Cointelegraph reported that “the prime minister of Vanuatu, the Honourable Bob Loughman, has officially given the green light to Satoshi Island.”
Via this site.