New partnership brings real items from the wreckage to the NFT market
Physical artifacts recovered from the wreck of the Titanic are set to be tokenized as NFTs and shared with the world through a new three-way partnership.
The partnership involves RMS Titanic (RMST), which has exclusive salvage rights over the Titanic wreck and wreck site, Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs.
The three companies will begin tokenizing precious artifacts from the Titanic to unlock a myriad of Web3 features. The plan is to preserve some artifacts as NFTs and share ownership with the public.
“This creative project will place the legacy of Titanic into the hands of the global public by preserving assets of the ocean vessel as immutable NFTs and by allowing inclusive participation in RMST,” the three companies said in a press release.
Artifact Labs aims to tokenize a total of 5,500 physical artifacts recovered from the ship, along with artifacts that may be recovered in the future. The company will also launch the Titanic DAO (Decentralised Autonomous Organisation), where members can participate in future initiatives.
Venture Smart Financial Holdings will be tasked with structuring the tokenization of intellectual property related to the items. The tokenized instruments are intended to be offered to accredited investors to create an avenue for “compliant capital raising” to fund ongoing research, extraction, conservation, exhibition and licensing of RMST’s assets.
“We remain dedicated to sharing the legacy of Titanicher passengers and crew, with people all over the world,” Jessica Sanders, president of RMS Titanic, said in a statement, adding:
“As a rescuer in possession of Titanic the wreck site, we are determined to ensure that the ship’s artefacts are preserved in perpetuity and available to future generations. We believe that moving into the digital space allows us to reach a wider audience with quality programming that educates and inspires. We are pleased to have found the expertise and partners to help us achieve these goals.”
Titanic was a British passenger liner operated by the White Star Line. The ship struck an iceberg and sank while on its maiden voyage in April 1912, killing 1,500 people. The shipwreck, which was discovered almost four decades ago at the bottom of the North Atlantic, has attracted global attention.
Two Hong Kong companies involved in the initiative
It is worth noting that Venture Smart Financial Holdings (VSFH) and Artifact Labs are both Hong Kong companies. The collaboration comes as the city has promoted more crypto-friendly regulations in an effort to reclaim its position as a global crypto hub.
As reported, Hong Kong’s Securities and Futures Commission (SFC) has unveiled a new regulatory regime that allows retail investors to trade certain “large-cap tokens” on licensed exchanges, provided that safeguards such as knowledge tests, risk profiles and reasonable exposure limits are put in place.
Hong Kong’s bid to become a bigger player in Web3 involves new regulations covering a range of virtual asset types, including NFTs. The city’s chief financial officer, Paul Chan, has said he will allocate $6.4 million to accelerate the development of the Web3 ecosystem and to unlock the potential of what he referred to as the “third generation Internet.”
