Close your eyes. Close them well and tightly. Now imagine, if you like, a tropical island populated only by crypto enthusiasts … Open your eyes. What have you done
Cryptoland is real, and can hurt you. Also, it can scam you quite a bit of cash.
This cryptocurrency island project first gained public attention with a video that can only be described as unhinged and a Twitter thread from Molly White. In the video, an argument to buy stakes on the island through NFT rubs shoulders with an animated video that looks more like a crypto satire than a sales pitch.
Words fight to do it justice, but be careful.
We could write a full article on the weird animated section of this video. I mean, the thing includes an anthropomorphic talking coin, a song and dance number, and a myriad of hackneyed crypto jokes.
But today we want to get a little more serious and try to understand what Cryptoland really is.
What is Cryptoland?
In the simplest terms, the project is an attempt to buy an island and turn it into a global crypto hub.
The people behind this have claimed that they want to divide the land into three main areas:
To give a little more context, these are:
- Cryptoland Bay – An area consisting of workspaces, bars, and a resort.
- The House of Dao: an incubator for cryptocurrency startups.
- Blockchain Hills: 60 parcels of land that the creators of the project plan to sell to the people.
We will return to this information later, so please keep it in mind.
Where is this island?
According to Cryptoland’s “Why Paper”, it is an island in Fiji, called Nananu-i-cake. But this is where we start to get into bleak territory.
On Cryptoland Discord, the people behind the project claimed that they have secured the island with a purchase agreement:
Despite this, Nananu-i-cake is still listed as available on at least two different real estate sites. (If you’re interested, it’s currently priced at $ 12 million.)
I have contacted real estate brokers to find out if there are any purchase agreements on Nananu-i-cake, but have not received a response. I will update this piece if that changes.
But there are some facts that are already worrying, like that the island is about 600 acres. This turns out to be 0.9375 square miles. In other words, Nananu-i-cake doesn’t seem big enough for all the areas above that the Cryptoland team (where the Cryptolanders will dwell) is planning.
How is Cryptoland funded?
Apparently getting people to coin (or, you know, purchase) NFT. These are based on Connie, the strange talking coin from the video. And they are all variations of the following:
I say this despite the fact that there is no real attempt in any of the documents I have seen to explain how Cryptoland will be funded. At the beginning of the video, Kyle chase (a leading crypto figure) claims that the founders of Cryptoland have invested half a million dollars to get to this point, but this is difficult to verify.
What we can say for sure is the cost of the video and the website. something, and it probably wasn’t cheap.
The clearest way Cryptoland seems to want to make money is by selling the parcels of land in the Blockchain Hills area as “King Cryptolander NFTs”. There is evidence that these cost around 319 ETH, or between $ 1 million and $ 1.2 million, depending on the fluctuations of the cryptocurrency.
for some reason 🤨 you have to check a box stating that you are not a US citizen to purchase (sorry, coin) a package, which raises some questions as to how @kyle_chasse supposedly achieved pic.twitter.com/zUiOo2rHkY
– Molly White (@ molly0xFFF) January 5, 2022
So, we have the above. No matter what you think about the project so far, there is no way you will have to confirm that it is no an American citizen to buy land is a good thing.
Who is behind Cryptoland?
The two co-founders are Max Olivier and Helena Lopez. According to The Molly White investigationThe couple previously worked for a magazine, which closed shortly after a paparazzi scandal.
This might be nothing, after all, everyone has a past, but it appears that Olivier tried to hide his ties to the magazine and claim he was not involved, despite evidence to the contrary.
Alongside these slightly shady founders are some bigger crypto names, at least tangentially involved: Charlie Shrem and the aforementioned one. Kyle chase.
Oh my, I am truly honored. Thank you. Very excited to join this
– Charlie Shrem (@CharlieShrem) December 15, 2021
There is more information on the other people involved on the Cryptoland site here.
What is the problem with Cryptoland?
At a fundamental level, nothing.
Personally, I can’t imagine a place I’d like to be less than on an island made solely for crypto people, but that doesn’t mean the place doesn’t have a right to exist. I mean, a lot of American history is based on communities fighting for themselves and claiming land. And, on an intellectual level, how different is the Saudi Neom project?
No, the problem is that everything is riddled with sloppy questions and ill-thought-out answers.
Cryptoland is supposed to be powered by diesel generators. Much of the infrastructure (including staff units) be based on the mainland. And, perhaps worst of all, hugely complex topics are dealt with on Discord with a wave of the hand and toxic positivity.
The budget to do something like Cryptoland is incredibly high. Even if all 60 parcels of land were sold, this would only amount to around $ 60 million in total.
The generic Cryptolanders NFTs we mentioned above average 0.1517 ETH, or just over $ 500. The organization also claims there will only be 10,000 of these, meaning that at their current cost, they would only raise $ 5 million. .
From the evidence in front of me, I can only come up with two potential hypotheses. The first is that it is a scam. The people behind Cryptoland will get as much cash as possible before closing down and disappearing with the money.
The second is that they really believe in this project and are dangerously wrong. If this is the case, Cryptoland is likely to end up as a humanitarian crisis that makes Fyre Festival look like a walk in the park.
However, one thing is for sure: this is far from over and it is very likely that many more details will be discovered in the coming weeks and months. All we can do is watch and report so be sure to keep an eye on TNW for more information on what’s going on with Cryptoland.
(Note: This yarn from Molly White it was an excellent resource and contains incredible research and analysis. I highly recommend reading it, especially if you want a laugh.)