Artifacts recovered from the wreck of the Titanic will be tokenized using blockchain technology in a partnership managed by a company that acts as the wreck’s steward.
Tripartite partnership involving RMS Titanic Inc. (RMST), Hong Kong-based Venture Smart Financial Holdings, and Web3 firm Artifact Labs will begin tokenizing valuable Titanic artifacts to unlock many Web3 features.
Some artifacts from the wreck of the Titanic will be stored as non-fungible tokens (NFTs), the purpose of which is to open common property to the general public. RMST holds exclusive rights to recover artifacts from the Titanic and its vast wreckage field from the bottom of the North Atlantic Ocean.
Venture Smart Financial Holdings will be tasked with structuring the tokenization of the intellectual property associated with these artifacts. The tokenized instruments are intended to be offered to accredited investors in order to create an opportunity for “appropriate capital raising” to fund ongoing research, restoration, conservation, demonstration and licensing of RMST assets.
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Artifact Labs will create an NFT for 5,500 salvaged artifacts from a sunken ship using its own NFT blockchain system. Future artifacts recovered from the resting place of the Titanic will also be minted as NFTs.
These NFTs are advertised to offer exclusive benefits to collectors, including VIP events and exhibitions, workshops with historians, and other exclusive events. NFTs are also designed to create a digital means of interacting with RMST content away from physical trade shows in Atlanta and Las Vegas.
According to the announcement, the Titanic NFT debut collection will include an ultra-limited edition of digital collectibles, laying the foundation for the Titanic Web3 community.
Artifact Labs also plans to create a Titanic DAO (Decentralized Autonomous Organization) that will allow members to participate in various initiatives as well as suggest future exhibitions on the Titanic website.
DAO will also promote education programs, digital content and documentaries, research, partnerships and events. DAO members are also expected to be involved in the preservation and display of artifacts recovered from the wreckage.
The treasury of the Titanic DAO will also be managed by participants using governance tokens and funded by proceeds from NFT sales.
A statement from RMST President Jessica Sanders highlights the initiative’s intent to preserve Titanic’s legacy and artifacts through digital innovations such as NFTs and blockchain technology:
“As rescuers at the Titanic wreck, we are determined to ensure that the ship’s artifacts are preserved forever and available to future generations. We believe that moving digital allows us to reach a wider audience with quality programming that educates and inspires.”
Cryptooshala turned to RMST and Artifacts Labs to find out how the Titanic artifacts were owned and managed in the past, and how the use of blockchain technology and tokenization will expand the opportunities for joint ownership of these relics.
Credit : cointelegraph.com
