Close to the listed and renovated shed on Fløtti the Nólsoyar Páll monument is situated west of Nólsoy Church. It was erected by the Council of Tórshavn. On the monument there is an inscription saying : “The Memory of the Hero lives.”
Nólsoyar Páll built Royndin Fríða, which was the first ship built in Faroes since the Viking age. He is well known for his struggle against the monopoly and the Danish Government officers. Furthermore Nólsoyar Páll is the best ballad poet in Faroes, some of his works are Fuglakvæði, Jákup á Møn and Fruntatáttur, and a lot of them are still used very much in the Faroese chain dance.