Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Tuesday, Apr 23, 2024

Titanic exhibitor to mint ship relics as NFTs from Hong Kong’s Artifact Labs

Titanic exhibitor to mint ship relics as NFTs from Hong Kong’s Artifact Labs

RMS Titanic Inc, Artifact Labs and Venture Smart Financial Holdings are bringing the ill-fated ship’s ‘physical artefacts into Web3’ with a new NFT project.
RMS Titanic Inc, the company behind exhibitions for the sunken ship, is turning relics from the ill-fated 1912 voyage into Web3 assets through a partnership with non-fungible token (NFT) company Artifact Labs and Venture Smart Financial Holdings, a Hong Kong asset management firm.

The project aims to “bring the RMS Titanic and its physical artefacts into Web3” and to “place the legacy of the Titanic in the hands of the global public”, the companies announced in a statement on Tuesday. Artifact Labs plans to turn 5,500 physical artefacts recovered from the ship into NFTs, along with artefacts that may be recovered in the future.

The statement offered few other details about the project other than to note that Artifact Labs will also launch the Titanic DAO (Decentralised Autonomous Organisation), through which members can participate in future initiatives. The NFT firm, which was started by the South China Morning Post and in which the newspaper still has an ownership stake, said it is not making other information public at this time, such as pricing or which blockchain it will use.

The partnership between RMS Titanic, owned by Atlanta, Georgia-based Premier Exhibitions, and two Hong Kong companies comes as the southern Chinese city vies to become a regional virtual asset hub with new regulations aiming to lure back crypto-related business that had left over the past few years.

Hong Kong’s Securities and Futures Commission (SFC) said on Monday that retail investors in the city will be allowed to buy virtual assets with large market capitalisations, such as bitcoin and ether, on licensed platforms. The new rules go into effect in June.

Hong Kong’s bid to be a bigger player in Web3 involves new regulations covering a range of virtual asset types, not just cryptocurrencies, although that is what is typically used to purchase NFTs. It has also been a focus of regulators in the city since the collapse last year of FTX, once the world’s second-largest crypto exchange.

The collaboration also comes about two years after hype around NFTs first kicked off, sending prices and speculation soaring. NFT mania had largely cooled by last summer, as prices fell amid a crypto market rout. NFT trading volume, denominated in US dollars, dropped 77 per cent from the second to third quarter last year, while prices also plunged 76 per cent, according to market tracker NonFungible.com.

Some of the most high-profile projects still maintain high valuations, though. Bored Ape Yacht Club has a market capitalisation of US$1.3 billion, the largest among all NFT projects, according to CoinGecko.

NFTs have thus remained a popular way of gaining attention for art and other projects, or just as a way of securing ownership rights to digital assets.

In the case of Titanic artefacts, the companies putting them on the blockchain say the NFTs will allow people to interact with relics outside physical exhibitions. They are also planning initiatives that cover dive exhibitions, educational programming, documentaries and other events that will involve the Titanic DAO, which will be funded by the NFT sales.

“This incredible project will forever preserve the ocean liner on the blockchain and further expand its impact and importance to a global audience,” said Gary Liu, founder of Artifact Labs and former CEO of the Post. “This partnership exemplifies the mission of Artifact Labs and we are delighted to now be among the Titanic’s guardians.”
Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×