Fame and fortune in open seas and under oceans meets blockchain tech and a Non Fungible unique token (NFT) that promises to make treasure hunting of sunken artifacts accessible to all.
It takes millions, they say, for an expedition. No mere mortal can afford it. You need big commercial firms that can financially support explorers for months or years.
Once a shipwreck is found, perhaps with much gold and silver or art, the government will want a cut. Then, international auction houses will want 12% to 20% in commission. But what if we tokenize it all?
That’s what a Bahama based project, PO8, is planning. They are the first to receive an Abandoned Shipwreck salvage (the industry name for treasure hunts) license in 18 years. They are currently having an ICO for two reasons. They say:
“By tokenizing PO8 salvage operations, token holders will be able to perform proof of stake bounty tasks helping in recovery efforts.
Bounty tasks will include data mining, which PO8 collects from a range of sources, helping expedition teams pinpoint locations of possible shipwreck sites.
Some of these data points include, but are not limited to, shipwreck, sonar, sand and silt particles and geo seafloor mapping. Information on the shifting of sand, tidal waves and hurricanes will also be factors.
Bounty tasks are performed on the Maritime Artifact Data System (MADS) platform. The system creates bounty tasks on the Ethereum blockchain for users around the world to collaborate on, with all the data points being absorbed into one system.”
The second aspect is the tokenization of the artifacts themselves, with a Pazar marketplace allowing individuals to effectively buy and sell these artifacts and presumably have legal ownership, but not actual control. They say:
“Using the Ethereum blockchain and it’s ERC-721 token functionality, PO8 will create NFTs with specifically designed smart contracts containing unique asset data that are cryptographically certified.”
David Gallo, who was a co-expedition leader during an expedition to create the first detailed and comprehensive map of the RMS Titanic and co-led the successful international effort to locate the wreck site of Air France flight 447, has joined the team as Vice President for Exploration we are told in a statement.
“To me PO8 is the most exciting project to come along in decades,” Gallo said before further adding:
“It encourages the development of new technologies and techniques for undersea exploration and visualization. In doing so PO8 will accelerate the ability to locate, document, and protect the precious artifacts of Bahamian undersea cultural resources.”
And the project does sound interesting, as well as exciting. Who doesn’t want to sit at home in this fine summer and help treasure hunters in deep sea explorations. On top, you might even get to own a bit of whatever they find.
Yet as romantic as it all sounds, how it will actually work in practice after it is all implemented, remains to be seen. But now we can say not only can you drink your whisky token, you can even treasure hunt with NFT.