Artifacts recovered from the wreckage of the Titanic are to be tokenized using blockchain technology through a partnership managed by a company that acts as the custodian of the sunken vessel.
A tripartite partnership involving RMS Titanic Inc. (RMST), Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs will begin tokenizing rare artifacts from the Titanic to unlock a myriad of Web3 features.
Selected artifacts from the sunken Titanic will be preserved as non-fungible tokens (NFTs), which is aimed at opening shared ownership to the wider public. RMST holds the exclusive rights to recover artifacts from the Titanic and its wider debris field from the floor of the North Atlantic Ocean.
Venture Smart Financial Holdings will be tasked with structuring the tokenization of the intellectual property associated with these artifacts. Tokenized instruments are to be offered to accredited investors with the aim of creating a path for “convenient capital raising” to fund the ongoing research, restoration, conservation, exhibition and licensing of RMST assets.
Related: NFTs Will Act Like High-End Real Estate During Boom Cycles: CEO’s Real Vision
Artifact Labs will create NFTs for 5,500 recovered artifacts from the sunken ship using its own NFT blockchain system. Future artifacts recovered from the Titanic’s resting place will also be minted as NFTs.
These NFTs are marketed to offer exclusive benefits to collectors, including VIP events and exhibitions, seminars with historians and other exclusive experiences. NFTs are also intended to create a digital means of interacting with RMST content outside of the physical exhibitions in Atlanta and Las Vegas.
According to the announcement, the debut Titanic NFT collection will feature ultra-limited edition digital collectibles that will lay the groundwork 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 designs for future exhibitions at the Titanic site.
The DAO will also facilitate the development of educational programs, digital content and documents, research, partnerships and events. DAO members are also expected to have a say in the preservation and display of artifacts recovered from the wreckage.
The Titanic DAO Treasury will also be managed by members using Control Tokens and funded through NFT sale proceeds.
A statement from RMST President Jessica Sanders highlighted the initiative’s intent to preserve the legacy and artifacts of the Titanic through digital innovations such as NFTs and blockchain technology:
“As the savior in possession of the Titanic wreck site, we are committed to ensuring that the Ship’s artefacts are preserved in perpetuity and accessible to future generations.” We believe that moving into the digital space allows us to reach a wider audience with quality programming that educates and inspires.”
Cointelegraph reached out to RMST and Artifacts Labs to find out how the ownership and management of Titanic artifacts has been handled in the past, and how the use of blockchain technology and tokenization will strengthen shared ownership of these heritage items.