A luxury cryptocurrency community that AGIA International Ltd. attends to build on the site where convicted conman Billy McFarland intended to hold his infamous Fyre Festival, has not gotten all the approvals needed to move ahead as suggested by a Businesswire.com article, Guardian Business understands.
This paper also understands that the government plans to release a statement on the matter.
Last week, Businesswire.com reported that AGIA International Ltd. intends to build a luxury cryptocurrency community on Exuma at the site where the Fyre Festival was to be held.
The community will create 125 long-term hospitality jobs and 150 construction jobs, According to the Businesswire.com article.
The article said the project has been given the go-ahead by the Bahamas Investment Authority and is in line with Prime Minister Philip Davis’ crypto hub vision for The Bahamas.
AGIA said in the article that it plans to sell 60 “ultra-luxurious pavilions and villas” through a series of “upcoming non-fungible token (NFT) mints on the Ethereum blockchain”.
Matthew Salnick, chief strategy officer of Unchained Partners, AGIA International’s blockchain developer, said in the article that this is the first time an entire real estate development will be sold exclusively on the blockchain.
“There’s never been a 100 percent tokenized, resort-style community,” said Salnick.
Unchained Partners’ Chief Executive Officer Hunter Williams said the blockchain idea has tangible benefits for the buyer and the seller.
“It means easily traceable ownership, faster buying and selling across borders; and, among other benefits, Bahamian residency and access to its sophisticated offshore banking system,” said Williams.
The article called the development an “unprecedented step for Web 3.0 and real estate”.
It added that the community will radically recreate the land where Fyre Festival tents were pitched.
“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,” the article said.
