Sunken Treasure as NFTs – Where Did It All Go Wrong?

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• In 2017, P08 planned to turn sunken treasure into NFTs
• The project has been abandoned after taking $1 million in investment in 2019
• P08 seems to have been in deep waters from the very start

In 2017, an ambitious effort to put treasure from sunken ships around The Bahamas onto the blockchain was launched by P08. The project, which featured the then-unheard of technology of NFTs, ran aground in late 2021, after taking $1 million in investment, but not having the requisite licence to carry out the work. Was treasure on the blockchain actually a genuine proposition or an outlandish scam?

Tokenized Treasure

P08 launched with a splash in 2017, with the founder Matthew Arnett calling it “a blockchain ecos