In what it calls “an unprecedented step for Web 3.0 and real estate,” Agia International Ltd officially announced that it plans to sell 60 ultra-luxurious pavilions and villas to be built atop the Bahamas’ Great Exuma Island via a series of upcoming non-fungible token (NFT) mints on the Ethereum blockchain.
Set to be the only community strictly sold via NFTs, Agia International’s development is radically recreating land used by the infamous Fyre Festival (which had promised to be a luxury music festival experience but was instead a tent city with no headliners) in 2017.
Grounded in the aesthetic of the Greek Mediterranean and designed by world-renowned residential architect Chad Oppenheim, each construction-ready homesite is located on the Caribbean island’s beachfront, oceanfront or inner harbor; each home design—which ranges from 1,000 to 6,500 square feet—features a private pool and deeded private floating boat slip.
During a recent founders’ launch, multiple properties were minted. In addition to private residential opulence, Agia will feature a marina for superyachts as well as resort-style amenities, such as a marina village with restaurants, bars and boutique stores. There will also be the Bahamas’ first-ever dry-storage facility and service center featuring 125 fully enclosed units to protect vessels up to 50 feet year-round.
“This is the first time an entire real estate development has been exclusively for sale on the blockchain,” said Matthew Salnick, chief strategy officer of Unchained Partners, Agia International’s blockchain developer. “There’s never been a 100% tokenized resort-style community.”
“For buyers and sellers, this has tangible benefits,” said Unchained Partners CEO Hunter Williams. “It means: easily traceable ownership, faster buying-selling across borders; and, among other benefits, Bahamian residency and access to its sophisticated offshore banking system.”
Earlier this year, the Bahamas’ Prime Minister Philip E. Davis, declared his intentions to make his nation the leading crypto hub in the Caribbean by announcing his government’s White Paper on the Future of Digital Assets in the Bahamas. Alongside his administration, including the Bahamas Investment Authority, the Prime Minister has greenlit Agia’s vision.
“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,” said the Honourable Philip E. Davis.
Rendering for one of the 60 pavilions and villas that AGIA International is creating on Great Exuma in the Bahamas. (Graphic: Business Wire)
