The answer turned out to be the same one adopted by a growing number of governments and entrepreneurs: a mixture of cryptocurrency and urban planning. It’s a combination that offers the promise of development without any of the tricky details—and which tends to turn out to be little more than vaporware. There was Bitcoin City in El Salvador, but also Painted Rock in Nevada, Satoshi Island in Vanuatu, Cryptoland in Fiji, or the Crypto-Kingdom of Bitcointopia in Utah.

In 2018, Akon announced a new cryptocurrency, to be called “akoin.” Akoin would enable Africans to, as the singer put it at a launch event, “advance themselves independent of the government”—in some manner. Most importantly, akoin would fund the creation of Akon City, an advanced planned city to be built in Senegal. Akon announced akoin and Akon City at the Cannes Lions Festival in June 2018. Akon said in November of that year that he had “everything planned out” for the city. But both Akon City and the akoin token remained only ideas for many months.

Akon was interested by the promises of cryptocurrency—specifically, free money by some unclear mechanism—but he was not up on the details of its technical or financial issues: “I come with the concepts and let the geeks figure it out,” he said. The akoin teamfeatured initial coin offering (ICO) entrepreneurs such as Lynn Liss of ICO Impact and Crystal Rose Pierce.

The akoin cryptocurrency was pre-sold in a 2019 crypto token offering called “token of appreciation.” Each dollar “donation” would give you up to four tokens which would convert to akoin.

Akoin had not launched in Senegal at the time, despite billboards across the country. The West African CFA franc is the only legal currency in Senegal; BCEAO, the central bank, warned that akoin could not be used as a currency in the country.

Akoin promised all manner of functionality—special akoin wallet software, direct exchange with other cryptocurrencies or with cellphone minutes, an application marketplace, various “building blocks for entrepreneurship.” None of this was ever implemented.

Akoin finally started trading on a crypto exchange in November 2020. The akoin token didn’t do anything or have any particular utility; it was just a crypto token that you could trade. Pre-sale buyers dumped their akoin immediately and the price crashed. That’s not unusual: As of 2022, 24 percent of new cryptos fell 90 percent or more in their first week.

Akon posted on social media in January 2020 that he had “finalized the agreement for AKON CITY in Senegal”—though he had previously claimed that construction had already started in March 2019. The new city would be built near the small town of Mbodiène, about 100 kilometers south of the capital, Dakar.

Akon City would be a “smart city” inspired by the futuristic African nation of Wakanda from the 2018 movie Black Panther. The city would feature boldly curved skyscrapers, shopping malls, music and movie studios, “eco-friendly” tourist resorts, and a parking garage for flying cars.

Akon claimed in August 2020 that $2 billion of the $6 billion needed to build Akon City had been secured. He laid the foundation stone for the city on Aug. 31, 2020, and said that construction would start “next year,” in 2021.

Construction did not start in 2021, to the disappointment of locals. It was not clear where the $6 billion needed to build Akon City would come from. A representative for KE International, the United States-based contractor for Akon City, told AFP that more than $4 billion had been secured, with Kenyan entrepreneur Julius Mwale as lead investor, and that construction would start in October 2021—but it did not.

By 2022, Akon told the BBC that construction was “100,000 percent moving.” He said the COVID-19 pandemic was partly to blame for the delays. Akon was surprised at the “thousands of studies” that had to be done before work could even commence.

Senegal’s Society for the Development and Promotion of Coasts and Tourist Zones (SAPCO) had claimed the land by eminent domain in 2009 before offering it to Akon City in 2020. By 2023, no building work had been done at the Akon City site—though Axiome Construction insisted that geotechnical studies and environmental assessments were still under way. By this time, according to the Guardian, the only construction was a youth center nearby in Mbodiène, paid for personally by Akon—and built upon the foundation stone that he had laid in 2020.

Senegal finally lost patience with the project. Akon had missed several payments to SAPCO, and in June of this year, SAPCO sent a formal notice to Akon warning that work had to start by the end of July or SAPCO might take back almost all of the land grant.

Akon had already been looking for other opportunities to place akoin. In April 2021, he started talking to Uganda about setting up an Akon City there as well. In January 2022, the Ugandan government allocated him one square mile in Mpunge, in the Mukono district—despite objections from the National Unity Platform party and protests from Mpunge residents wanting compensation, which could not be paid before 2025.

Akon said that Akon City, Uganda, might be completed by 2036. At a 2021 news conference, he evaded questions on what the new city would cost or how it would be funded. The Forum for Democratic Change party said that the Ugandan Akon City would never happen and accused the government of granting “sweetheart deals” to developers.

Akon City was tech solutionism that leveraged the political power of celebrity. Akon wanted to launch a large project and thought that cryptocurrency, the buzzword of 2018, might fund his dream. He thought that this one weird trick would do the job.

In this case, the miracle technology was crypto. These days, such  pushes by celebrities or entrepreneurs of new projects will typically use artificial intelligence—whatever that might mean in a particular case—as the marketing hook for a “smart city.

In his 2023 book Let Them Eat Crypto, Peter Howson of Northumbria University detailed how to head off solutionism-inspired blockchain projects that were heavy on publicity but light on the necessary bureaucratic work on the ground. His approach is broadly applicable to tech solutionism in general: Pay attention to the men behind the curtain. Howson has written recently on “smart city” plans as marketing for crypto tokens.

The Akon City plan was a worked example of speculative urbanization. A project is proposed with science-fiction concept drawings and a pitch aimed at tourists rather than locals; land is allocated; something might eventually be built, but it will bear little resemblance to the brochures. Christopher Marcinkoski of the University of Pennsylvania described Akon City as just one of many such initiatives, particularly in Africa, calling it “very much a real estate play.” The important output from such projects is local political capital—even as they never work out as advertised.

Cryptocurrency was an application of speculative urbanization to money—a high concept, a pitch to financial tourists, and the only end result being a token to speculate on and a tremendous amount of fraud. The Akon City project, however good Akon’s own intentions, seems functionally to have been merely the pitch for a crypto offering that failed—leaving an empty site, disappointed locals, and an embarrassed figurehead.

By 2024, akoin had been removed from the few crypto exchanges it had been listed on; it was effectively worthless. Akon sold short videos on Cameo—but he would not do requests related to cryptocurrency.

The speculative urbanization pitch rolls on. Actor Idris Elba has recently floated plans for an “environmentally friendly smart city” on Sherbro Island off Sierra Leone.