Fancy an NFT holiday?

Virgin Radio

29 Mar 2022, 12:25

Bored of where you live? Got a spare £99,000? Welcome to 'crypto paradise'!

With NFTs - that would be 'non-fungible token's - becoming more and more commonplace within all walks of life, news reaches us of an island in which residency comes with the purchase of an NFT. In excess of 50,000 people have already applied to live in the tropical haven on the island of Satoshi, which is under the jurisdiction of Vanuatu in the South Pacific.

All payments made on the island will be made with cryptocurrencies like Bitcoin.

The Sun reports that developers have set the ambitious goal of completing construction on many of the homes by 2023, with the intention of housing a 'permanent population' in the long-term.

The island is named about Satoshi Nakamoto, the founder of Bitcoin. The project's website describes it as being intended to 'become home for crypto professionals and enthusiasts, with a goal to be considered the crypto capital of the world'. It explains, "After years of preparation, a green light from the Vanuatu Ministry Of Finance and all approvals in place, Satoshi Island is now ready to be developed into a real-world crypto economy and blockchain based democracy."

If you're not aware of NFTs - some might say you are lucky - then they are essentially digitised versions of a piece of work - more often than not artwork or music - that is stored on the blockchain as a one of it's kind commodity that cannot be replicated.

The likes of Reece Witherspoon, Paris Hilton, Lindsay Lohan, Emily Ratajkowski and Gwyneth Paltrow have released their own NFTs of late. They're not going anywhere, unfortunately.

Our head hurts.