The company behind the British-Irish exhibits ship RMS Titanic Inc is transforming relics of the fateful ship in multipleNFT marketplace development.

Through a partnership with Artifact Labs and Venture Smart Financial Holdings, objects that sank in the Atlantic along with the Titanic in 1912 are being transformed into Web3 assets. Everything is part of the resurgence of China as a new hold in the crypto industry since both firms have their headquarters in Hong Kong.

The project would aim to “ bring the RMS Titanic and its physical artifacts to Web3 (…) and put the legacy of the Titanic in the hands of the world public,” the companies reported in a brief press release published last Tuesday. From Artifact Labs there is talk of converting at least 5,500 recovered objects into NFTs.

The history of the Titanic revives through NFT

Said statement offered some details about the initiative, among which is that Artifact Labs will lead the launch of Titanic DAO (Decentralized Autonomous Organization), through which its members can be part of future projects.

This NFT firm, created by the South China Morning Post, noted that it will not make any further information public at this time, explicitly referring to the price of non-fungible tokens and the blockchain that will bring the Titanic back to life.

Hong Kong back in crypto headlines

The partnership between these companies, RMS Titanic, owned by Premier Acquisition Holdings, and two Hong Kong-based companies, comes amid a mammoth push by the Chinese city to become the hub of Hong Kong’s top digital assets. Asia is a movement led by new regulations that are intended to attract businesses related to the cryptocurrency industry.

The Hong Kong Securities and Futures Commission (SFC) asserted this Monday that retail investors in the city will be able to buy all kinds of virtual assets with huge market capitalizations, such as Bitcoin (BTC). and Ethereum (ETH), on regulated platforms and with licenses to offer their products in the city.

It should be noted that the new regulatory framework of the city will enter into force in June of this year.

Hong Kong’s bid, with China’s quiet assent, to be a major global hub in the Web3 industry, entails new regulations covering a wide range of digital asset types, not just cryptocurrencies. Also, keep in mind that things have slowed down a bit since FTX imploded in November of last year.

New push to NFTs

This new collaboration between major companies in the crypto industry comes two years after the most iconic boom in the short history of NFTs began, an issue that launched the prices of these digital assets into the stratosphere.

As explained by SCMP, “NFT mania had largely cooled last summer, as prices fell amid the most recent debacle in the blockchain market. US dollar-denominated NFT trading volume fell 77% from the second to third quarters of last year, while prices also plunged 76%, according to market tracker NonFungible.com.

Still, some of the highest-profile NFT projects and collections maintain very high market valuations. Bored Ape Yacht Club is a clear example of this, as today it boasts a capitalization of 1.3 billion dollars, the largest among all non-fungible token initiatives, according to data from CoinGecko.

NFT Titanic will make its relics accessible

Returning to the case of the NFT marketplace platform development collection of the Titanic, the companies that will make it possible for this to happen, ensure that the non-expendable tokens of the ship that is the protagonist of the love affair between ‘Jack and Rose’ will allow people to interact with relics that are now only physical exhibits.

They also indicated that they are working on planning initiatives that range from diving exhibitions to educational programming and interactive documentaries, among many other events that will involve the Titanic DAO. All finance from the outset by the sales of the NFTs in question.

“ This incredible project will forever preserve the ocean liner on the blockchain and further expand its impact and importance to a global audience (…) This partnership exemplifies the mission of Arifact LAbs and we are delighted to now be among the guardians of the Titanic”, said the founder of the aforementioned company.