The blood island is located in Spirituality, Ilshnear. Take the gate to spirituality and run up all the way until you hit the waters. Look for a bridge and say the password (found under the bridge) to form the bridge. The bridge forms in different directions, you will have to guess the right way to make it across to the island.
The blood island, also known as Blood Order, was once a very popular hunting spot. Many players went there because of its multiple spawns and fast respawn. It is a good spot to hunt for minor artifacts, pentagram pieces and Blood artifacts themselves. It used to be a certain choice for VAL's one hour hunt, where players managed to earn many artifiacts within that one hour.
The boss of this dungeon is in the basement of the fort. He has a chance to drop a few special items once in a while. If you guys have seen Barbossa and Reglem enough times, you might know what these items are.
It is always a good spot to hunt and I hope you guys explore this island as well.