New Partnership Brings Real Artifacts from Wreckage to NFT Market
Physical artifacts retrieved from the wreckage of the Titanic are set to be tokenized as NFTs and shared with the world through a new, three-way partnership.
The collaboration involves RMS Titanic (RMST), which holds exclusive salvage rights over the wreck and the wreckage site of the Titanic, Hong Kong-based Venture Smart Financial Holdings, and Web3 firm Artifact Labs.
The three companies will begin tokenizing precious artifacts from the Titanic to unlock a myriad of Web3 functionalities. The plan is to preserve some artifacts as NFTs and share ownership with the public.
“This creative project will place the legacy of the Titanic in the hands of the global public by preserving assets from the ocean liner as immutable NFTs and by allowing inclusive participation in RMST,” the three companies said in a press release.
Artifact Labs aims to tokenize a total of 5,500 physical artifacts recovered from the ship, along with artifacts that may be recovered in the future. The company will also launch the Titanic DAO (Decentralised Autonomous Organisation), through which members can participate in future initiatives.
Venture Smart Financial Holdings will be tasked with structuring the tokenization of intellectual property linked to the artifacts. The tokenized instruments are intended to be offered to accredited investors to create an avenue for “compliant capital raising” to fund ongoing research, recovery, preservation, exhibition, and licensing of RMST’s assets.
“We remain dedicated to sharing the legacy of the Titanic, her passengers and crew, with people around the world,” Jessica Sanders, the President of RMS Titanic, said in a comment, adding:
“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. We are excited to have found the expertise and partners to help us reach those goals.”
The Titanic was a British passenger liner operated by the White Star Line. The ship hit an iceberg and sank while on its maiden voyage in April of 1912, killing 1,500 people. The shipwreck, which was discovered nearly four decades ago at the bottom of the North Atlantic, has attracted global attention.
Two Hong Kong Companies Involved in the Initiative
It is worth noting that Venture Smart Financial Holdings (VSFH) and Artifact Labs are both Hong Kong companies. The collaboration comes as the city has put forward more crypto-friendly regulations in a bid to reclaim its position as a global crypto hub.
As reported, Hong Kong’s Securities and Futures Commission (SFC) has revealed a new regulatory regime that allows retail investors to trade certain “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable limits on exposure are put in place.
Hong Kong’s bid to be a bigger player in Web3 involves new regulations covering a range of virtual asset types, including NFTs. The city’s financial chief Paul Chan has said he would allocate $6.4 million to speed up the development of the Web3 ecosystem and to unlock the potential of what he referred to as the “third generation internet.”