Owning the land – or any assets on Satoshi Island, for that matter – is only possible through NFT ownership, which might seem like a bit of a security risk, but Satoshi Island has put in places a system that makes the process of buying and selling NFTs easy: A beneficiary is similar to the concept of a last will, but without a third party to authorize the transfers. Otherwise, there are trustees that the holder appoints to act as co-signers. The NFT system, especially when used in this way, is actually quite traditional.
All of this will become a reality in the coming months when terrestrial NFTs begin to be released in phases. There are seven collections of land, each representing a different plot on the island, and they will be released one by one. The first collection, which includes 562 blocks of land, will be on the southern wing of Satoshi Island, for example.
For those wishing to take a more active role in the community, consider the fact that Vanuatu has no tax on profits, dividends, or corporate or personal income. There is also no capital gains tax, withholding tax or death tax. This, along with the pristine tropical surroundings, is why Satoshi chose this specific location to achieve his ambitious new way of life. There is even a specific amount of land that the island has set aside for crypto-specific projects. And businesses of any size, whether a few people or hundreds, can set up their headquarters here.
Satoshi Island may be small in size, but its ambitions for the future are pretty huge, and that’s just the beginning. The crypto community is slowly taking over the world, one small region at a time, and that might not be such a bad thing. If there’s one hard truth, time will surely tell.