Titanic items to be tokenized as NFT with new partnership
Artifacts recovered from the wreck of the Titanic are to be tokenized using blockchain technology through a partnership run by the company acting as steward of the sunken vessel.
A three-way partnership involving RMS Titanic Inc. (RMST), Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs will begin tokenizing precious artifacts from the Titanic to unlock a myriad of Web3 features.
Selected artifacts from the sunken Titanic will be preserved as non-fungible tokens (NFTs), which aim to open up shared ownership to the wider public. RMST has exclusive rights to recover items from the Titanic and its wider debris field from the bottom of the North Atlantic.
Venture Smart Financial Holdings will be tasked with structuring the tokenization of intellectual property related to these artifacts. The tokenized instruments are intended to be offered to accredited investors, with the aim of creating an avenue for “compliant capital raising” to fund ongoing research, extraction, conservation, exhibition and licensing of RMST’s assets.
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Artifact Labs will create NFTs for 5,500 recovered artifacts from the sunken ship using the internal NFT blockchain system. Future artefacts recovered from the Titanic’s resting place are also set to be minted as NFTs.
These NFTs are designated to offer exclusive benefits to collectors, including VIP events and exhibitions, seminars with historians and other exclusive experiences. The NFTs are also intended to create a digital way to interact with RMST content away from physical exhibits in Atlanta and Las Vegas.
According to the announcement, the debut collection of Titanic NFTs will feature an ultra-limited edition of digital collectibles, laying the foundation for Titanic’s Web3 community.
Artifact Labs also plans to create the Titanic DAO (Decentralized Autonomous Organization), which will allow members to participate in various initiatives as well as proposals for future exhibits for the Titanic site.
DAO will also facilitate the development of educational programmes, digital content and documentaries, research, partnerships and events. DAO members are also expected to have a say in the preservation and display of recovered items from the wreck.
The Titanic DAO treasury will also be managed by members using governance tokens and funded through the proceeds from NFT sales.
A statement from RMST President Jessica Sanders highlighted the initiative’s intention to preserve Titanic’s legacy and artifacts through digital innovations such as NFTs and blockchain technology:
“As the salvager in possession of the Titanic wreck, we are determined to ensure that the ship’s artefacts are preserved in perpetuity and accessible 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.”
Cointelegraph has reached out to RMST and Artifacts Labs to find out how ownership and management of Titanic artifacts have been handled in the past, and how the use of blockchain technology and tokenization will provide shared ownership of these artifacts.
