Satoshi Island

The Satoshi Island project has invited people to buy so-called "Land NFTs", that would grant them access to the island and the ability to build houses there.

Sydney businessman Dennis Troyak said it was “an amazing opportunity” while recently drumming up support for the project on social media.

The project promises to bring fame and fortune to Vanuatu, but critics are skeptical the project can get off the ground.

Joel Simo, a former member of Vanuatu’s Land Council, questioned the legality of the project.

What was Lataro Island is now called Satoshi Island - Satoshi being a word that has become synonymous with the digital currency world.

The island's owners want what they call 'a crypto-city' on the island, where all transactions will be in digital currency.

Head of operations, Denys Troyak, said the 800 acre island could house up to 10,000 people, living in modular housing.

"We are looking at 2100 plots of land. Every plot of land can sustain a grand house for a family of four. So maximum population, you are looking at say, 5000 to 10,000 people," he said.