Bahamian tech firm given green light on NFT offering
PO8, the Bahamian tech company tokenizing archaeological assets through the issuance of non-fungible tokens (NFT), has been given a green light of sorts to engage in its NFT offering after having received a no-action letter from the Securities Commission of The Bahamas (SCB), according to a press release on the matter.
The release explains that the SCB’s no-action letter is the first of its kind for an NFT offering, allowing PO8 to “move forward with their planned offering in a compliant manner”.
The release states that Executive Director of the SCB Christina Rolle said of the NFT offering: “The commission has reviewed the proposal with respect to usage on non-fungible tokens attached to sea exploration in The Bahamas and wishes to advise the proposed NFT offering is currently not subject to securities laws in The Bahamas, nor any other law administered by the commission.”
Co-founder and Chief Executive Officer of PO8 Matthew Arnett has said that there could be $100 billion worth of sunken treasures and artifacts in Bahamian waters. He contended that the retrieval of these artifacts could be an industry in The Bahamas that becomes another significant pillar of the economy.
Arnett explained in the release that his company is committed to working with the SCB to ensure it moves forward with the offering in a compliant manner.
“This decision makes way for new use cases for tokenization of other asset classes like real estate and financial instruments, so we invite companies to join us in innovating in The Bahamas for the world,” Arnett said.
According to the release, PO8 has continued its focus on retrieving lost underwater artifacts and creating a marketplace where access to those artifacts can be democratized. It states that the asset-based investments will allow “millions of users around the world to invest and participate in the conservation of artifacts of historical and cultural significance”.
“By using blockchain technology and NFTs, PO8 will be monetizing and reshaping the ownership of the sunken artifacts by converting ownership rights with economic value into smart contract tokens, while keeping the physical artifact in the custody of the PO8 Museum Foundation to be preserved, studied and exhibited worldwide,” the release states.
“PO8’s NFT offering will feature its non-fungible investment vehicle (NFIV) product. NFIVs are securitized NFTs with a store of value from artifacts, providing financial benefits by generating possible earnings, hedges against inflation and currency devaluations. They are capable of generating earnings and distributing dividends to its owners.”
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