Luxury Crypto Community Planned for Fyre Festival Site

If spending millions in cryptocurrency to move to the Bahamas and live at the site of the doomed Fyre Festival seems like a fever dream, wait until you hear about what Agia International has on the menu.

(Hopefully not cheese sandwiches.)

A firm of tech bros and real estate developers are creating Agia , supposedly the first time an entire real estate development is up for grabs on the blockchain, Curbed reported. The company announced its plans for the “first-ever luxury crypto community” last month.

Forget the crypto hoops buyers will have to jump through for a second; the most important part of this development is the site: Roker Point on the island of Great Exuma, best known for the fraud luxury music festival that spawned thousands of memes, multiple documentaries and a prison sentence for its co-founder Billy McFarland.

The development will include 60 homes, ranging from 1,000 to 6,500 square feet. Each will feature a private pool and a private floating boat slip.

The purchasing process is … complicated. First, a buyer needs to mint an NFT that represents the villa via cryptocurrency, which will cost $10,000. That gives the buyer the ability to buy another NFT, one of the villas themselves, which carry a $3.5 million asking price. Then, a buyer needs to mint yet another NFT, which is the deed and title.

That last NFT also comes with a range of perks, including a concierge service, a beach and yacht club, 100 rounds of golf and a fitness center. It can also provide an “expedited pathway” to Bahamian citizenship, which marketing materials reviewed by Curbed reference “immediate access to one of the world’s most sophisticated offshore banking systems.”

For what it’s worth, the crypto project has some interesting partners. Oppenheim Architecture is designing the project. And the Setai Group, a luxury hotel developer in Miami, is collaborating as well.

According to the firm’s press release, some of the founders already minted properties during a launch event. The minting process doesn’t appear to have opened up to the public yet, although the company did promote a waitlist for interested buyers ready to bet on a Bahamas bohemia.