February 28, 2023
By Anjali Kochhar
Artefacts recovered from the wreckage of the Titanic will be tokenized using blockchain technology, a new report has stated.
A three-way partnership involving the company RMS Titanic (RMST), Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs will begin tokenizing precious artefacts from the Titanic to unlock a myriad of Web3 functionalities, Cointelegraph reported.
Select artefacts from the sunken Titanic will be preserved as nonfungible tokens (NFTs) to open up shared ownership to the general public.
Venture Smart Financial Holdings will be tasked with structuring the tokenization of intellectual property linked to the artifacts.
Artifact Labs will create NFTs for 5,500 recovered artifacts from the sunken ship using its in-house NFT blockchain system. Future artifacts retrieved from the resting place of the Titanic are also set to be minted as NFTs.
These NFTs are touted to offer exclusive benefits to collectors, including VIP events and exhibitions, seminars with historians and other exclusive experiences. The NFTs will create a digital means to interact with RMST content outside of physical exhibitions in Atlanta and Las Vegas.
As per the announcement, the debut collection of Titanic NFTs will feature an ultra-limited edition of digital collectibles, laying the foundation for the Titanic’s Web3 community.
Artefact Labs is also planning to create the Titanic DAO (decentralized autonomous organization), allowing members to participate in various initiatives and proposals for future exhibitions to the Titanic site.
The DAO will also facilitate the development of educational programs, digital content and documentaries, research, partnerships and events. DAO members are also expected to have a say in the preservation and exhibition of recovered artifacts from the wreckage.
The Titanic DAO treasury will be managed by members using governance tokens and funded through proceeds of NFT sales.
RMST president Jessica Sanders highlighted the initiative’s intent to preserve the Titanic’s legacy and artifacts through digital innovations like NFTs and blockchain technology in a statement.
“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.”
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.