The Bahamas, the beautiful island nation known for its pristine beaches and alluring year-round tropical weather, was once known as the capital of the pirating world. During the Golden Age of Piracy (~1650-1720), famous privateers such as Blackbeard and Calico Jack called The Bahamas home, preying upon merchant ships conducting business in the Caribbean.

Between the endeavors of these swashbucklers and The Bahamas’ location in the heart of the Bermuda Triangle, the waters surrounding the island nation is now home to an estimated $100 Billion worth of unrecovered underwater artifacts (read: treasure). For years, the recovery of this sunken treasure was a massive business, drawing the attention of treasure-hunters worldwide. So much to the point that, in 1999, the Bahamian government had to step in and issue a moratorium prohibiting the salvage of such artifacts.

According to Dr. Keith Tinker, Former Director of the Antiquities, Monuments and Museum Corporation (AMMC)

They would actually destroy a lot of shipwrecks in search of treasure without due consideration for the public, which is understandable because these guys are not in the business of preservation; that’s our job.

Flash forward twenty years. In coordination with the Bahamian government, Bahamas-based blockchain organization PO8 is working to lift the moratorium and enter the artifact recovery industry with a commitment to sustainability.

PO8’s salvage team, led by Amazon’s Apollo F-1 Engine recovery team member, Troy Launay, ocean exploration pioneer David Gallo, and shipwreck expert Claudio Bonifacio, boasts a deep knowledge of the artifact recovery industry and is eager to begin operations once the moratorium is finally lifted.

After artifacts are recovered, non-fungible tokens will be issued, allowing for the transparent ownership of the treasure. This will also allow for the maintenance physical upkeep of the artifacts by proper authorities while granting verifiable ownership rights to interested parties.

PO8 CEO and Founder, Matthew Arnett had this to say:

PO8 is helping solve a real-life problem for The Bahamas. So much wealth and history are buried under our waters. And, so much has been taken away in the past due to lack of oversight and transparency. The salvage moratorium is finally coming to an end with PO8. We look forward to working with The Bahamas to bring back these treasures.

The extent of PO8’s grasp on the Bahamian tech sector goes far beyond artifact recovery. In fact, the team has plans for a multi-million dollar museum & interactive marine park, IP leasing of data collected via ROV-conducted exploratory missions, and even an NFT collectible game called Skully’s.

While treasure hunting is difficult and finds are certainly not guaranteed, PO8 has certainly positioned itself correctly with a team of the industry’s top minds in the geographic heart of undiscovered treasure. Only a few years before the salvage moratorium was enacted, the world’s largest treasure find, the Nuestra Senora de la Maravilla, was found just miles from PO8’s headquarters. The remarkable find was reportedly worth $1.6 Billion.