WHAT IS THE FLOATING ISLAND PROJECT?

A group of academics, philanthropists and investors plan to build an independent floating nation by 2022.

The £37 million ($50 million) plans will see the sea-bound city state, with 300 homes as well as a handful of hotels, restaurants, offices and more.

Bankrolled by Paypal founder Peter Thiel, the Floating Island Project will operate outside of governments laws and regulations, and is due to be built in the Pacific Ocean off the island of Tahiti.

It's envisaged that between 250 and 300 people will call the first floating city home. 

The world's first floating nation is set to appear in the Pacific Ocean off the island of Tahiti by 2022 (artist's impression). A handful of hotels, homes, offices, restaurants and more will be built in the next few years by the nonprofit Seasteading Institute, which hopes to 'liberate humanity from politicians'

The prototype nation has partnered with French Polynesia, a collection of 118 islands in the southern Pacific, which is interested in the project as the area is at risk from rising sea levels.

The island - the brainchild of nonprofits organisations the Seasteading Institute and Blue Froniters - is being funded by philanthropic donations via tokens of the project's own cryptocurrency, dubbed Varyon.

In future, the project's backers envision hundreds of floating islands operating independently of international governments to 'liberate humanity from politicians', according to the Seasteading Institute.

Floating islands would feature aquaculture farms, healthcare, medical research facilities, and sustainable energy powerhouses.