Recently in my Discord Channel we've been talking about buying an Island. Leave the Covid Regulations and City life behind and start a nice little community on the beach. The Pulse of Crypto Discord Stop in and say Hi!
Of course, I can't quite afford the type of Island I'd like, and I don't want a rock in Canada.. So crowd funding or a group purchase is appealing and while I know this idea isn't a new one, the idea of selling 1 Acre Plots via smart crypto contracts and each acre being represented by an NFT is an fun idea to consider.
For the sake of this idea let's put aside a lot of logistics and just look at it at a high level.
Let's say I purchase this 430 acre island in the Bahamas for
$45 million. Imagine I subdivide and survey the land to sell 430 1-acre lots and list the corresponding NFTs (each with a property description and survey)
Each lot could be priced individually based on attributes like any NFT, such as Beach Front front would be rare, etc.
Some Acres might be part of a Golf Course or Marina, thus holding a different value. You could list the acreage privately or publicly and have a live document of rules or ordinances like a home owners association to manage/govern the Island. When issues arise each NFT owned provides the owner with a vote in any issues, improvements etc.
I've heard about this type of real estate funding and management being tracked on a blockchain since the early days of ETH and Smart Contracts, but to my knowledge it isn't being done yet.
I have myself half talked into seeing how I can figure this out for a less ambitious project maybe a small set of condos.
Anyone know of anyone launching a project like this yet?
