With the rise in non-fungible tokens (NFTs) popularity, the space has seen the sale of some interesting things and pieces on the blockchain. In Feb. 2022, an artist blew up a Lamborghini Huracan and sold the charred remains as NFTs. British artist Damien Hirst burned hundreds of physical artworks after selling them as NFTs on the blockchain. Now, citizenships are being sold and traded as NFTs on marketplaces.
An ambitious development project is planning to create a Satoshi Island that would turn a South Pacific island into a haven for crypto investors. This island is Lataro Island which is currently mostly a virgin rainforest that will be turned into a sustainable smart city. At the head of this project are property developers Anthony and Theresa Welsh, who currently inhabit the 300-hectare island.
They plan to turn the island into a community of crypto investors. The biggest draw of the island is the lack of any income taxes there. Anthony Welch explained that the plans are for 21,000 investors for the island and for anyone to buy or develop land, they would need to hold a citizenship NFT currently being traded on marketplaces.
Each NFT minted usually represents some type of property being sold. It also provides exclusive access to the island which will only have 21,000 citizens. However, for those who do not wish to become a citizen, the property developer says there are plans for a resort so crypto investors can enjoy the island without citizenship.
Citizenship Passes were minted on Oct. 30 and have almost 1,000 ETH volume already on OpenSea.
NFTs are a long way away from their glory days but that does not mean that they have been completely written off. Even during the crypto winter, they are still making waves as creators find innovative ways to apply NFT ownership to their projects.
These non-fungible tokens have been able to move away from in-game access to having some real-world utility such as the Citizenship NFTs. Trading volume has also been on the recovery side during this time as more traders return to the space.
OpenSea trading volume for the last 24 hours was up by more than 30% to $22.27 million. Trader numbers on the leading NFT marketplace also grew by over 42% during this time to sit at 34,267, according to data from DappRadar.
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