The land briefly used to host the notorious Fyre Festival is being sold exclusively as NFTs — reinventing the site as an ultra-luxe, crypto-first, resort-style community.
Situated on top of Great Exuma Island in the Bahamas, AGIA International plans to sell 60 ultra-luxurious pavilions and villas exclusively via a series of upcoming non-fungible token (NFT) mints on the Ethereum blockchain.
Since the infamous Fyre Festival event in 2017, the land has remained predominantly vacant.
Five years and tens of millions of dollars later, private spending is set to transform the site that “now promises to house the most exclusive enclave in the Caribbean,” according to a press release.
“We bought this property because we saw its future, not its past,” Erik Sanderson, co-founder of AGIA International, whose team’s prior projects include The Setai in Miami Beach and Amanyara in Turks and Caicos, told The Post in a statement. “We saw 60 acres of secluded, undeveloped land in the cul-de-sac of a beautiful island whose current government has allocated tens of millions to invest in its transportation, telecommunications and infrastructure throughout the island.”
“When the public buys one of the 60 homes here via their crypto wallets, they’re not only buying into a wealth of oceanfront experiences, they’re also bringing economic vitality to the Bahamas,” Sanderson added. “We are committed to growing the local economy and creating sustainable jobs.”
Designed by architect Chad Oppenheim, the development will be grounded in the aesthetic of the Greek Mediterranean.
Each home will be located on the Caribbean island’s beachfront, oceanfront or inner harbor, ranging from 1,000 to 6,500 square feet. Each residence will feature a private pool and a deeded private floating boat slip.
Additionally, there will be a private marina for super yachts as well as resort-style amenities that include a marina village with restaurants, bars and boutique stores.
“This is the first time an entire real estate development has been exclusively for sale on the blockchain,” Matthew Salnick, chief strategy officer of Unchained Partners, AGIA International’s blockchain developer, said in a statement. “There’s never been a 100% tokenized resort-style community.”
Earlier this year, the Bahamas’ prime minister, Philip E. Davis, announced his intentions to make the island the leading crypto hub in the Caribbean.
“The Bahamas is not only open and ready for business but moving to the forefront of the most exciting era in digital assets innovation. If the world of cryptocurrency is where you see your possibilities, then the Bahamas has a place for you,” Davis said.
The Fyre Festival was a fraudulent luxury music festival founded by convicted fraudster Billy McFarland and rapper Ja Rule. It was created with the intent to promote a music talent booking app for their company Fyre Media.