Infamous Fyre Festival Location To Draw Crowds Again As A Luxury Crypto Resort

The Fyre Festival and the documentary it inspired on Netflix are burned into the memories of observers as one of this generation’s oddest music festival mishaps. Its infamy sparked numerous questions about the people behind the event, court cases, and, most importantly, memes.
 
While the event provided great entertainment to much of the world, it seeming isn’t done yet. A real-estate group known as AGIA International is taking over the now bare landscape and flipping it into a crypto-enthusiasts haven.
 
Fyre Festival was first set on Roker Point Estates in Great Exuma, Bahamas—an admittedly gorgeous location now offered to the rich and famous as Greek Mediterranean villas spanning 1,000 to 6,500 square feet, spas, wellness centers, marinas, restaurants, and movie theaters are being built right atop the doomed festival.
 
The kicker? You will only be able to buy a residential spot with non-fungible tokens.
 
If you’re interested in securing a spot on the island, there’s a laundry list of things you would need to do first. Firstly, you would have to spend $10,000 on minting an NFT to get a spot on the ‘Allowlist’. This just means you’re in the running for a potential house, but you won’t be guaranteed a spot. And most importantly, it’s non-refundable. 
 
Next, you’ll have to mint another digital token of the same value as the villa you are interested in procuring. Prices for properties range from $1.5 million to $3.5 million. 
 
And lastly, you will have to mint your third and final NFT, called the AGIA Key, which is essentially the deed to the property. 
 
Sounds like too much of a hassle? Well, the company is banking on the numerous benefits of staying in the Bahamas to draw the crypto crowds in. And we’re not talking about sandy white beaches and tropical weather.
 
On a brochure put out by the company, AGIA notes all the tax benefits that come with living in the Caribbean. The Bahamas is tax-free, meaning capital gains, corporate earnings, inheritance, dividends, and much more will not be taxed. On top of that, living in this crypto community will give you direct access to offshore banking systems and a path toward being a permanent resident in the Bahamas.
 
Suddenly, the long and winding process of securing a house sort of makes sense.
 
According to the New York Post, the prime minister of the Bahamas, Philip E. Davis, announced earlier this year that he had intentions of turning the Caribbean into a crypto hub.
 
But as the currency is currently going through a frigid winter, could the tropical weather of the Bahamas be what it needs to warm it up? Or will the crypto resort be engulfed in Fyre like its predecessor? We’ll just have to wait and see.
 
 
 
[via Gizmodo and New York Post, cover image via AGIA International / Business Wire]