With popularity comes scrutiny, and in the realm of crypto, a substantial portion of that scrutiny is focused on its environmental impact, which has resulted in opposition to crypto altogether. Nevertheless, the argument lies with the concept that crypto has the potential to decentralize banking institutes, which, in the long run, could be a net positive for the environment.
Regardless, this currency has gained such a following that many believe it is here to stay, making the next best option to be streamlining the tender and working to lower its footprint for the better.
One of the World's First Crypto Islands
The Satoshi Island project is comprised of a 32 million square foot private island located in the South Pacific, in the country of Vanuatu, just between Fiji and Australia. This project aims to make the island the crypto capital of the world and an all-inclusive place to live for crypto leaders and enthusiasts alike.
The island will be developed with eco-friendly products and is advertised to run on 100% renewable energy. A notable innovation of Satoshi will be its living modules, which are designed in a similar shape to shipping boxes to allow for customization and ease of movement. In addition, each module will contain solar panels and waste systems, allowing people to live with a minimal environmental footprint.
The development also factors in the retention of the island's current ecosystem, intending to replant any trees that are removed to offset carbon dioxide. Satoshi will likewise have its own dedicated farmland on Vanuatu's main island, allowing for fresh food year-round.
The kicker with this idealistic island is the prominent role that Non-Fungible Tokens play (NFT). To obtain citizenship, one must purchase a Satoshi Island Citizenship NFT, which will provide island voting rights and the ability to build, work, and reside on the island. But, of course, these citizens would still need to work out legal entry to Vanuatu, as the NFT Citizenship doesn't cover the country itself but rather just the crypto island.
Once someone has obtained this NFT citizenship, they can purchase Satoshi Island Land NFTs that can then be converted into Non-Fungible Property Tokens (NFPTs), which grant holders legal rights to their given plot of land. This NFPT would provide buyers with the same rights as a traditional land title, with the ability to even convert it into a physical copy at the official land registry of Vanuatu.
The project will be headed by the international architecture firm James Law Cybertecture and has already gained approval from the Vanuatu Prime Minister and Minister of Finance. Currently, the island has entered its next steps, including giving around 5,000 NFT Citizenships to an exclusive number of early supporters. Following this was the open enrollment for individuals to apply for an NFT citizenship, with some reports stating that over 50,000 individuals have already sent in applications.
The team is also just beginning the physical development stage of the island, including commissioning the island's first set of modules, which will be delivered in the Fall. The website states that the construction team has the materials and staffing to construct roughly 200 modules per month. Even though a price for citizenship or an NFPT cannot currently be found, we know that each module will cost $60,000 and come with the ability to purchase multiple to allow for customization of space and square footage.
By the end of the year, the island will open to a select number of people before its public opening in early 2023.
Influencing the Future
This concept may sound somewhat unreal to many people, as it is unique in being the first of its kind. That said, it could have the ability to alter many sectors moving forward, namely the real estate industry. For example, with the ability to easily buy and sell land via an NFPT, there would no longer be a need for brokers or even realtors, effectively removing the middleman and saving the buy/seller money and time. A similar concept goes for obtaining citizenship; even if that citizenship isn’t for the country itself but rather the island, it is still a significant advancement from how citizenship has operated for decades.
Additionally, the island will most likely inspire others of its kind, perhaps even leading to a future where crypto resorts, parks, and islands are a normalized thing.
Regardless, with this island comes to question its environmental impact. Though there will undoubtedly be some semblance of impact during the construction stage, it seems the team has considered these factors and will therefore implement remediation initiatives.
However, that does raise the question if it will be a net positive or a net negative, which is a question that currently cannot be answered. The reality is that crypto is here to stay, so taking remediation steps toward lowering its footprint is the pragmatic path of least resistance.
Nonetheless, if one thing does come from this project, it is that Satoshi Island is changing how someone can buy land, obtain citizenship, and live.
"Satoshi Island is the beginning of a future I have long imagined," said James Law, chief architect of the Island Development Team.