Billions worth of underwater artifacts become real use case for Non-Fungible Tokens.
Bahamian tech company PO8 is using Non-Fungible Tokens (NFTs) to catalog artifacts on the blockchain, recovered from shipwreck sites in The Bahamas - a market sized at $100B in sunken artifacts. Utilizing NFTs, PO8 is restoring trust to the marine salvage industry, an industry victimized by bad actors pillaging shipwreck sites or defrauding investors. "Through NFTs we are setting a new standard for artifact recovery," said Matthew Arnett, CEO of PO8. "NFTs will be that necessary bridge between the archaeology community and the commercial side. This not only allows us to recover artifacts for preservation purposes, but it also lets us embrace the economic side in a responsible way."
NFTs make it possible for the physical artifacts to remain in the possession of the PO8 Museum Foundation ensuring preservation and access to recovered artifacts via exhibitions and educational programs, while the ownership can be sold in the form of an NFT to collectors and investors worldwide. The end result is a new asset class and store of value for the owners, and new sources of revenues for The Bahamas to invest back into the local economy.
About PO8: PO8 is a marine archaeology tech company utilizing blockchain technology to excavate underutilized sunken artifacts from ocean floors, generating untapped sources of revenues for funding social programs, creating jobs and jumpstarting local economies.
The PO8 Museum Foundation
PO8 is making a $10 million USD investment in its future by establishing in Grand Bahama the first Bahamas Archeological Treasure and Maritime Museum and Interactive Marine Park. Through private and public partnerships, PO8 will transform the visitor experience to the Islands of The Bahamas by positioning to the forefront its historical and education tourism products, exhibitions and cultural programs.