The Bahamas’ Great Exuma Island, site of the famed Fyre Festival–originally intended to promote a music talent booking app for the company Fyre Media and then turned into a fraudulent luxury music festival–is making a comeback.
A new company, AGIA International Ltd, intends to turn on that Bahamas island by harnessing the power of non-fungible tokens (NFTs).
The goal is to convert 60 ultra-luxurious pavilions and villas to be built atop Great Exuma Island in the Bahamas into NFTs and sell them, giving holders complete ownership of the physical property.
Each NFT is numbered and represents a virtual replica of the corresponding physical villa or pavilion, with prices starting from $1,500,000 and rising to $2,795,000.
The purchase of NFTs will be split into three stages, with the first step being to reserve the homesite by minting an Allowlist NFT. This protects the exclusive right to mint the Right to Ownership NFT throughout the Allowlist period. The last NFT, AGIA Key, will then unlock the access that comes with ownership as well as the variety of services made available, such as the AGIA Spa and Wellness Center, Fitness Center, Beach and Yacht Club, and more.
“We bought this property because we saw its future, not its past,” stated Erik Sanderson, Co-founder of AGIA International, which seeks to revitalize the Bahamian island of Great Exuma and transform it into a wealthy and luxurious destination.
AGIA will announce the mint date for the NFT collection later this month.