Fyre Festival Island to Become NFT-Based Destination
Investors can acquire real-world assets in the destination by purchasing NFTs from the collection that will be available before October ends.
NFTs Villas and Pavilions
AGIA International Ltd has planned to turn the Fyre festival Island into NFTs. The Fyre Festival, located on the Great Exuma Island in the Bahamas, was originally made to promote a music talent booking app for Fyre Media before becoming a fraudulent music festival.
However, the festival is getting a turn-around as AGIA plans to convert the 60 ultra-luxurious pavilions and villas into NFTs and sell them to investors who will claim entire ownership of the physical asset. Each NFT has a number representing the physical properties, and prices range from $1.5 million to $2.975 million. The sales of the NFT will be in three stages. The first stage is minting an Allowlist NFT to protect the Right to Ownership NFT throughout the Allowlist period. The last NFT, AGIA Key, will help unlock ownership and various services such as the AGIA Spa, Beach and Yacht Club, Fitness Center, Wellness Center, and so on.
ERIK Sanderson, the co-founder of AGIA International, said it purchased the property because of its potential and not its past. He also believes the development will create 150 jobs during the construction period and 125 hospitality jobs. The company will announce the mint date for the NFT collection before the month ends.
Using NFTs as a Sign of Ownership is Becoming Popular
This is not the first time a company or individual is using an NFT as a deed for property ownership. Several real-estate properties have been sold using NFTs to signify ownership, and this trend continues despite the current bear market.
The Bahamas is popularly known for its crypto-friendly regulations as one of the top crypto exchanges, FTX, is located in the territory.