What happens when physical real estate meets virtual currency at the site of one of the most publicized debacles in recent memory? No, this is not a pitch for a one-part TV series Breakupa part The White Lotus. Instead, it is a true ongoing real estate development for the Bahamas. Oh, and NFTs are involved.

You may remember that the Fyre Festival was supposed to be held on the island of Great Exuma in the Bahamas. As this Thrillist article points out, the region has continued to attract visitors for understandable reasons – the Exumas being particularly attractive to many. As Bridget Read reported for Curbed, the festival ground was to be located at Roker Point, which is now making headlines for another reason.

In the article, Read goes into the history of this part of Great Exuma, writing that “it seems the area has been caught in a decades-long cycle of swapping from one doomed project to another.” A previous foray into luxury living in the same area has encountered stops and restarts over the past 15 years.

According to a press release, the company behind the new venture – AGIA International – describes the real estate project as “60 ultra-luxury pavilions and villas to be built atop the Bahamas’ Great Exuma Island via a series of upcoming non-fungible tokens (NFT) mints on the Ethereum blockchain.

AGIA’s announcement cites the land’s history, but remains optimistic about creating “the most exclusive enclave in the Caribbean”. As Curbed’s article points out, buying a home within the community involves creating a trio of NFTs, one of which will be priced based on the size of the building. It’s risky business – but then it happens in a space that’s no stranger to them over the years.