Artifacts recovered from the wreckage of the Titanic will be tokenised using blockchain technology through a partnership driven by the company that acts as steward of the sunken vessel, reports Cointelegraph.
A three-way partnership involving the company RMS Titanic (RMST), Hong Kong-based Venture Smart Financial Holdings and Web3 firm Artifact Labs will begin tokenising 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 tokenisation of intellectual property linked to the artifacts. The tokenised 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.