Artifacts recovered from the wreckage of the Titanic will be tokenized using blockchain technology through a partnership driven by the company that acts as steward of the sunken vessel.
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 artifacts from the Titanic to unlock a myriad of Web3 functionalities.
Select artifacts from the sunken Titanic will be preserved as nonfungible tokens (NFTs) to open up shared ownership to the general public. RMST holds the exclusive rights to recover artifacts from the Titanic and its wider debris field from the bottom of the North Atlantic Ocean.
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.
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.
According to 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.
Artifact 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.
A statement from 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:
“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.”
Cointelegraph has reached out to RMST and Artifacts Labs to ascertain how ownership and management of Titanic artifacts were handled in the past, and how blockchain technology and tokenization will empower shared ownership of these heirloom items.