Bahamian tech company PO8 is using Non-Fungible Tokens (NFTs) to catalogue artefacts on the blockchain, recovered from shipwreck sites in The Bahamas – a market sized at $100B in sunken artefacts.
Utilizing Non-Fungible Tokens (NFTs), PO8 is restoring trust to the marine salvage industry, an industry victimized by bad actors pillaging shipwreck sites or defrauding investors. “Through Non-Fungible Tokens (NFTs) we are setting a new standard for artefact recovery,” says 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 artefacts for preservation purposes, but it also lets us embrace the economic side of it in a responsible way.”
NFTs make it possible for the physical artefacts to remain in the possession of the PO8 Museum Foundation ensuring preservation and access to recovered artefacts via exhibitions and educational programs, while the ownership can be sold in the form of an Non-Fungible Token (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.