Akon’s Crypto City Dream: The Harsh Truth 7 Years Later
Akon’s vision of a blockchain-powered utopia was supposed to rewrite the rules of urban development. Seven years on, the reality cuts deeper than hype.
From Promise to Ghost Town
The Senegalese megaproject—backed by Akoin tokens and breathless headlines—now stands as a cautionary tale. Blueprints for solar-powered skyscrapers and crypto salaries dissolved faster than a shitcoin in a bear market.
Regulatory Quicksand
Land rights disputes and shifting crypto regulations strangled progress. Turns out, building a city requires more than tweets and celebrity goodwill—who knew?
Legacy of Broken Dreams
The abandoned construction sites now host more tumbleweeds than Lambos. Yet true believers still cling to whitepaper fantasies, because in crypto, hope burns last.
Bonus jab: At least the project delivered one immutable truth—VCs will throw millions at anything with ‘blockchain’ in the pitch deck.
“Real-Life Wakanda” No More
First announced in 2018 and branded as a “real-life Wakanda,” Akon City aimed to transform Mbodiène, a quiet farming village about 80 kilometers from Dakar, into a $6 billion metropolis running on Akon’s Akoin cryptocurrency. Plans included a solar-powered city with a state-of-the-art hospital, university, hotels, shopping malls, and a marina.
After repeated delays, missed payments, and a final ultimatum from Senegal’s tourism development body SAPCO in 2024, the country terminated Akon City. The SAPCO General Manager, Serigne Mamadou Mboup, confirmed,
“The Akon City project no longer exists.”
Most of the 136 acres granted to Akon in 2020 are now back under state control. While the grand vision of a futuristic crypto city in Senegal has ended, Akon isn’t entirely walking away. The singer will retain eight hectares of the land as part of a revised plan with SAPCO for a smaller-scale development.
Senegal Debt Crisis Deepens
The timing reflects Senegal’s economic challenges. The nation is grappling with a debt crisis after a state audit revealed $7 billion in hidden liabilities under the previous administration, which has capped access to credit markets and frozen IMF funding.
Against this backdrop, SAPCO’s revised $1.2 billion plan for Mbodiène will depend heavily on private investors to transform the area into a tourism hub with hotels, apartments, and a promenade linking to a nearby lagoon.
Despite the hype, Akon City’s visible progress was limited to a youth center, a basketball court, and a small welcome center, leaving early Akoin buyers demanding refunds and some residents skeptical of big promises. The new plan is expected to create around 15,000 jobs in its first phase, offering a tangible opportunity for local investment and employment that even the grandest crypto visions could not deliver.
