Marine Archaeology on the Blockchain
Leveraging blockchain to democratize access to artifact investments, while bridging capital gaps in conservation.
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Recovered artifacts will be tokenized using Non-Fungible Tokens (NFTs) on the Ethereum blockchain. NFTs represent the digital ownership of recovered artifacts, with its smart contracts containing unique asset data cryptographically certified, confirming ownership of each physical artifact.
NFTs democratize access to invest in artifacts at pre-restoration valuations. Through tokenization, we can create Non Fungible Investment Vehicles (NFIVs), which are securitized Non Fungible Tokens with a store of value that provides financial benefits by generating possible earnings, hedges against inflation and currency devaluations.
Matthew Arnett, CEO of PO8 is using Blockchain to better the lives of his fellow Bahamians, by recovering and reshaping the ownership of sunken treasures and artifacts. PO8 is marine archaeology start-ups that excavates such treasures from the ocean floors to generate unearthed sources of revenue. PO8 CEO Matthew Arnett joins CNBC Africa for more..
Restoring Trust on the Blockchain.
Blockchain delivers seamless transparency and trust and eliminates mismanagement and corruption. It provides us with the ability to work in line with UNESCO conventions by digitizing recovered artifacts, establishing provenance and preventing the physical sale of artifacts, but rather promote the sale of NFTs representing the artifact and its value.
A tentative roadmap of our journey from concept to impact.
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You can learn more from our FAQ
It was 18 years ago that a moratorium was put into place to stop the mismanagement and illegal activities around the shipwreck archeology industry. Today many Bahamians and foreigners are still illegally destroying reefs, seabed and artifacts. There are no proper industry standards, codes of conduct, policing or best practices.
Additionally, The Bahamas needs to inject new streams of revenue to it’s economy, creating a wave of new jobs and launching new industries to enrich the lives of its people. Current industries like the financial services and fisheries are shrinking resulting in less career opportunities for all Bahamians.
The Bahamas, because of its strategic location, shallow waters and tropical climate sits on a roughly $100B USD of underutilized resources in the form of shipwrecks including underwater culture heritage artifacts and treasures. Unearthing these resources would create social and economic impact for the region.
Working in tandem with the Government of The Bahamas, PO8 has been given the exclusive marine salvage license to excavate in Bahamian waters and use its blockchain technology to restore full transparency on all future shipwreck expeditions.
Putting these underutilized assets to work, PO8 is driving sustained and inclusive economic growth to the Bahamas. PO8 will hire divers during the lobster off season, and The PO8 Foundation, the custodial recipient of many of the artifacts, will create the Bahamas Archeological Treasure and Maritime Museum bringing additional economic activity worth $60 million per annum, and at peak some 100+ jobs.
PO8 will also restore any excavated area with artificial reefs, resulting in new ecosystems and marine life habit.
Our business model is primarily based on economic, social and sustainable impact. We partner with governments whereby they invest in policy and we provide technology and industry knowhow, thus creating a partnership with revenue share to benefit local economies.
We sell B2B and B2C. All of the big data is leased to gaming companies, mapping companies and R&D; teams. Our visual content will be contracted with production companies like Netflix, Discovery Channel, etc. On our NFT marketplace we sell directly to consumers, earning revenues on transactions and commission. At the museums, we will have numerous revenue streams like, entrance tickets, retail sales, tours and F&B.; Our educational products are a paid service for enterprises, but free for the general public. We also sell our exhibition services to museums and venues all over the world.
Our market size is a hybrid between public and private marine artifact salvage & conservation. The local Bahamian market size is around $100 Billion. Keep in mind the world has over 3 million shipwrecks.
No, you are not. The PO8 Foundation will take custody of all the artifacts for continued studies by the archaeology community and to be exhibited in various museums worldwide. You keep the non-fungible token (think digital title) with the value of the asset.
For example: Tom buys an artifact appraised for $25,000. Once payment is confirmed, Tom receives his non-fungible token (NFT) on his Ethereum cryptocurrency wallet. The NFT value is $25,000 and it represents the ownership of the artifact. Let's say a year later Tom decides to sell because he needs money for his son's college expenses. Tom can now upload that token to PO8 or a third party's NFT exchange to sell his token. Tom can then decide to sell his NFT at the price he sees fit.
Yes, you can but it is not a requirement. You can use other cryptocurrencies such as Bitcoin and Ethereum on the PO8 NFT Marketplace. Users will be able to save on certain transaction fees if holding PO8 tokens in their cryptocurrency wallets.
No, we are a private start-up working on blockchain solutions for real problems governments are facing today.
For our first use case, we are working with The Bahamas. We have been endorsed by senior members of government, and we are the first marine salvage company to receive a salvage license from the government after an 18 years moratorium.
In the event we do not recover any treasures, we will have built a blockchain ecosystem available for many other archaeological endeavors worldwide. The same technologies powering search and rescue for shipwrecks and buried treasures can be used for finding other lost objects and perhaps solving some of our longest unsolved mysteries. Our open source decentralized apps will also provide individuals and enterprises with more cost effective and secure ways of distributing valuable assets.
Using blockchain technology, we will recover underwater treasures from Bahamian waters, as a way to help governments tap underutilized resources that can be monetized, generating more revenues for social programs, creating jobs and jumpstarting local economies. Blockchain allows for more transparency after an 18-year moratorium, and retools the financial services industry to service jobs in the blockchain space.
Blockchain delivers seamless transparency and trust and eliminates mismanagement and corruption, giving us the ability to work in line with UNESCO conventions by digitalizing recovered assets so that the owners will not have to possess the physical artifact but rather a non-fungible token representing the artifact and its value.
Furthermore, blockchain is the perfect compromise between the archeology community and commercial interest groups. Non Fungible Tokens on the Etheruem blockchain will allow for the the majority of PO8 artifacts to physically remain in the custody of the PO8 Foundation for continued studies by the archaeology community and to be exhibited in various museums worldwide, while the ownership of the asset can be from anyone around the the world.
Recovered artifacts and treasure will be digitized with the help of our physical-to-digital link service providers. This will include high resolution scans or nanotechnology featuring industrial-grade diamond dust capable of creating unclonable signatures for each unique physical artifact we digitize. Digitized artifacts will live on the blockchain using the Etheruem ERC-1155 protocol. Once on the blockchain, each physical asset will be represented by a distinguishable NFT that will have a smart contract containing unique asset data cryptographically certified, confirming ownership of the physical asset.
An NFT is a Non Fungible Token. Think of an NFT like a digital certificate confirming ownership of a physical asset or artifact in our case. So you, as the owner of an NFT holds the stored value of the asset, which you can either keep in your digital wallet or sell the token on an NFT exchange/marketplace.
NFTs are created by using ERC-1155 tokens on the Ethereum blockchain. Each distinguishable NFT has a smart contract containing unique asset data cryptographically certified, confirming ownership of the physical asset. NFTs will allow for the the majority of PO8 artifacts to live on the blockchain and physically remain in the custody of the PO8 Foundation for continued studies by the archaeology community and to be exhibited in various museums worldwide, while the ownership of the asset can be from anyone around the the world.
NFTs will be tradable on our own marketplace exchange launching in 2019. Marketplace users will be able to buy, sell and auction their NFTs on the platform, creating immediate liquidity for users.
Correct, in Q2 2018 we launched an ICO for PO8, where we were able to secure funds from early private investors. Given the downturn of the cryptocurrency market for most of 2018, we determined the best direction for the company and its early investors is to pivot our fundraising approach into a security token offering or STO.
Our early 2019 STO will provide investors with equity investment opportunities in the company in the form of company stock backed tokens, compliant with the Securities Commission of The Bahamas.
All previous investors who received PO8 utility tokens will have the option keep their tokens or exchange to the new security token version. New exchange details and conversion rates will be announced at the conclusion of the STO.
Each PO8 security token or SPO8 equals one (1) registered common share of PO8 Ltd.
This means your security token is asset backed and can become liquid at any given moment once investor sells on the secondary market.
Token owners will be eligible to receive company dividends as the company sees fits. Information on dividends earnings are yet to be determined.
Our STO is regulated by The Securities Commission of The Bahamas.
No. SPO8 tokens are backed by common stock. Unliked preferred stock, common stock does not include voting powers.
PO8 is currently in negotiations with the top licensed security token exchanges to list SPO8.
Any wallet supporting ERC 20 tokens such as MyEtherWallet or Metamask, among others.
Yes, it is mandatory. Please make sure you register and provide all required KYC documentation.
No. DO NOT use a cryptocurrency exchanges like Coinbase, Binance, Huobi or others. You MUST send from an ERC 20 compatible wallet such as MyEtherWallet or Metamask.
Our STO is open to all nationalities and investors must comply with local jurisdictions. Bahamian Nationals are restricted from this offering.