FREEPORT, Bahamas, Feb. 5, 2019 /PRNewswire/ -- 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 of it 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.
Urban Osvald, Chief Strategy Officer of 0xcert recently praised PO8's mission as "Amazing and out of the box!" He further added, "I am very happy to see that Non-Fungible Tokens are being used in such a wide range of different use cases. The fact that this technology is applicable even to underwater artifacts and treasures is just mind-blowing and proves that we are on the verge of large-scale adoption."
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.
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