Tell me if you heard this before: Crypto tokens have no value.
Did you ever hear that?
It is funny how something so worthless is thought to have the potential to add $60M a year to economy of the Bahamas. It is being looked at as the third pillar of the economy.
Sunken treasure is all over the floor of the Caribbean. The challenge with this is that the metal has a negative effect on both fisheries and the wider marine habitat.
Many attack want to separate cryptocurrency and blockchain out. The mantra is blockchain is valuable but cryptocurrency is not. This project is a prime example of what is really taking place. This should offer encouragement to everyone in the entire industry.
The recovered sunken treasure is gong to be placed in a museum. Each artifact is going to be given a non-fungible token (NFT) which will be traded around the world.
Here is an example of blockchain and tokens being used to solve a real world problem while creating a new economy. This is not something that operates in the digital realm since the estimation is that it will create 100 jobs in season in the Bahamas.
There is an estimated $100B worth of treasure on the floor of the Caribbean floor near the Bahamas.
https://www.verdict.co.uk/sunken-treasure-blockchain-bahamas/
These tokens use smart contracts. We are seeing this technology being tied to the Steem blockhcain via a sidechain. This will allow tokens of this sort created on Steem if people so desire.
It is only starting to show the potential of blockchain and tokens. Think about all the art in museums that can be tokenized in this same manner. Perhaps there are things that individuals own which they could put on the blockchain also.
People will be afforded the opportunity to engage in fractional ownership. Assets that were too expensive for the average person will be purchased by buying full, or even partial, tokens. In addition, as is the case with the Bahamas, there will be a huge creation of wealth out of all of this.
Overall, we are in the early stages. People are just beginning to think of ways to use it.
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