Through a new partnership based on blockchain technology, real-world artifacts from the famous Titanic wreckage will be turned into NFTs.
Artifacts recovered from the wreckage of the Titanic will be tokenized using blockchain technology through a collaboration driven by the firm that acts as steward of the sunken vessel.
A partnership between the firm RMS Titanic (RMST), Hong Kong’s Venture Smart Financial Holdings, and the Web3 company Artifact Labs will start tokenizing valuable artifacts from the Titanic so that they can be used to unlock a wide range of Web3 features.
Select artifacts from the sunken Titanic will be preserved as nonfungible tokens (NFTs) to allow the general public to share ownership. RMST has exclusive rights to recover artifacts from the Titanic and its broader debris field from the North Atlantic Ocean’s bottom.
The tokenization of the intellectual property associated with the artifacts will be structured by Venture Smart Financial Holdings. The tokenized instruments are intended to be offered to accredited investors in order to facilitate “compliant capital raising” in order to finance ongoing research, recovery, preservation, exhibition, and licensing of RMST’s assets.
Artifact Labs will utilise its in-house NFT blockchain technology to create NFTs for 5,500 recovered artifacts from the sunken ship. Future artifacts retrieved from the Titanic’s final resting place will also be minted as NFTs.
Collectors are told that these NFTs will give them access to VIP events and exhibitions, seminars with historians, and other unique opportunities. The NFTs will make it possible to interact with RMST content in a digital way outside of the Atlanta and Las Vegas exhibitions.
Artifact Labs also intends to create the Titanic DAO (decentralized autonomous organization), which will enable members to participate in diverse initiatives and exhibition proposals for the Titanic site.
What is the goal of the initiative?
The DAO will also help with the creation of educational programs, digital content and documentaries, research, partnerships, and events. Members of the DAO are also expected to have a say in how artifacts found in the wreckage are kept and shown.
Members will use governance tokens to run the Titanic DAO’s treasury, and NFT sales will pay for it.
In a statement, RMST president Jessica Sanders explained that the goal of the initiative was to keep the Titanic’s history and artifacts safe by using digital technologies like NFTs and blockchain:
“As the salvor-in-possession of the Titanic wreck site, we are determined to ensure that the Ship’s artifacts are preserved in perpetuity and accessible to future generations. We believe that moving into the digital space allows us to reach a broader audience with quality programming that educates and inspires.”
Content Source: cointelegraph.com
Cover Image Source: lasvegassun.com
