Owning the land—or any assets on Satoshi Island, for that matter—are possible only through NFT ownership, which may seem like a bit of a security risk, but Satoshi Island has a system in place that makes the process of buying and selling NFTs easy: A beneficiary is similar to the concept of a last will and testament, but without a third party to authorize transfers. Otherwise, there are trustees who the holder nominates to act as a co-signer. The NFT system, especially when it’s used in this kind of way, is actually quite traditional.
All of this will be a reality within the next few months when land NFTs will start to be released in phases. There are seven collections of land, each of which represents a different parcel on the island, and they’ll be released one by one. The first collection, which comprises 562 blocks of land, will be on Satoshi Island’s south wing, for instance.
For those wanting to take a more active role in the community, consider the fact that Vanuatu has no tax on profits, dividends, or income for neither corporations nor individuals. There is also no capital gains tax, withholding tax, or death tax either. That, along with the pristine tropical environment, explain why Satoshi chose this specific location to fulfill their ambitious new way of life. There’s even a specific amount of land that the island has reserved for crypto-specific projects. And companies of any size—whether it’s just a few people or hundreds—can set up their headquarters there.
Satoshi Island may be small in size, but its ambitions for the future are rather massive, and this is just the beginning. The crypto community is slowly taking over the world, one small region at a time—and maybe it’s not such a bad thing. If there’s one hard truth, it’s that time will surely tell.