‘Satoshi Island’ Receives Tons of Applications for Free ‘Citizenship NFTs’
A private island called “Satoshi Island” is being developed as a “crypto utopia” as part of the Republic of Vanuatu, an island country in the South Pacific Ocean. A quick summary for everyone who doesn’t know about this island.
Satoshi Island is a 32 million square foot private island in Vanuatu’s tropical paradise, nestled between Australia and Fiji. Satoshi Island Holdings Limited owns the island, which is intended to become a home for crypto professionals and enthusiasts, with the goal of becoming the world’s crypto capital. Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain-based democracy after years of preparation, a green light from Vanuatu’s Prime Minister and Minister of Finance, and all approvals in place.
Regarding Satoshi Island Citizenship NFTs (which do not grant Vanuatu citizenship rights), the project’s founders state:
“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 honour or an opportunity”, as explained:
“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.”
They also highlight 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 a passport from one of the 130 visa-free countries.” The 32-million-square-foot private island, will serve as a “home for the crypto community.” The island is located in the remote South Pacific and will only accept crypto as payment.
Denys Troyak, James Law, Taras Filatov, and Benjamin Nero, members of the team said the island will represent a “true crypto-economy,” with everything paid for in cryptocurrency. It will use NFT for all forms of ownership as well. The island will host events all year, as well as serve as a headquarters for crypto projects and a gathering place for crypto enthusiasts, according to the team. The team behind the project hinted that the island could be used to “operate as a decentralized autonomous organization” in the future.
The founders claim to have received “50,000 applications for our free Citizenship NFT,” which will be used as a whitelist for their Land NFT sale. The Citizenship NFT also allows the holder to live on the island and provides “many other benefits.” On March 25, The Prime Minister of Vanuatu, the Honourable Bob Loughman, has officially given the green light to Satoshi Island.
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