Partnership to Tokenize Artifacts Recovered from the Titanic

Luisa Crawford  Feb 24, 2023 17:18  UTC 09:18

2 Min Read

A cooperation that is being developed by the business that is responsible for stewarding the sunken vessel will result in the artifacts that have been salvaged from the wreckage of the Titanic being tokenized using blockchain technology.

RMS Titanic (RMST), a business located in Hong Kong called Venture Smart Financial Holdings, and Artifact Labs, a company specializing in Web3 technology, have formed a collaboration to begin tokenizing rare relics from the Titanic in order to unleash a wide variety of Web3 capabilities.

Certain items from the lost ship Titanic will be maintained as nonfungible tokens (NFTs), which will enable the general public to take part in shared ownership of the artifacts. The RMST is the only organization authorized to retrieve items from the Titanic and the larger debris field that it left behind from the ocean floor in the northern Atlantic Ocean.

Tokenizing the intellectual property that is associated with the artifacts will be the responsibility of Venture Smart Financial Holdings, which will be given this duty. To facilitate "compliance money raising" for the purpose of funding continued research, recovery, preservation, display, and licensing of RMST's assets, the tokenized instruments are planned to be provided to accredited investors. This will establish an avenue for "compliant capital raising."

Using the in-house NFT blockchain system that Artifact Labs has developed, the company will issue NFTs for each of the 5,500 objects that were salvaged from the sunken ship. It has been decided that any future items that are recovered from the location where the Titanic came to rest would likewise be issued as NFTs.

It is said that these NFTs provide collectors with a variety of special experiences, such as invitations to VIP events and exhibits, seminars led by historians, and other unique opportunities. Outside of the actual displays that will take place in Atlanta and Las Vegas, the NFTs will develop a digital method to engage with the RMST material.

The statement states that the first collection of Titanic NFTs would include an extremely limited number of digital artifacts. This will serve as the cornerstone for the Titanic Web3 community.

Artifact Labs is also aiming to establish a decentralized autonomous organization (DAO) called the Titanic DAO. This would provide members the opportunity to take part in a variety of activities and suggestions pertaining to upcoming exhibits at the Titanic site.

The production of educational programs, digital material and films, research, collaborations, and events will also be facilitated by the DAO. Additionally, it is anticipated that members of the DAO will have some input about the conservation and display of objects salvaged from the debris.

The treasury of the Titanic DAO will be administered by members with the use of governance tokens, and it will be financed using the revenues from the sale of NFT.

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