Posted on 02/24/2023 2:30:45 PM PST by nickcarraway
What does the Titanic have in common with NFTs? Not much. One lives on in the collective psyche as a monument to hubris while the other refuses to just sink already.
Still, apropos of nothing except the smell of filthy blockchain-adjacent lucre, RMS Titanic Inc (RMST), which has been collecting artifacts associated with the ship since the 1980s, has hooked up with NFT flinger Artifact Labs and Venture Smart Financial Holdings to "bring the RMS Titanic and its physical artifacts into Web3."
The ship sank into the frigid Atlantic in 1912, taking the lives of more than 1,500 people aboard.
Aiming to "place the legacy of the Titanic in the hands of the global public," at least those dumb enough to dabble in NFTs, the name of the game is to preserve "assets from the ocean liner as immutable NFTs" and allow "inclusive participation in RMST, which holds the exclusive rights to recover artifacts from the wreck site."
According to the announcement, Venture Smart Financial Holdings, Hong Kong's first approved virtual asset manager, will "lead in structuring the tokenization of the intellectual property and also develop tokenized instruments for accredited investors, drawing on its expertise as a licensed virtual asset manager. This will enable compliant capital raising for the ongoing research, recovery, preservation, exhibition, and licensing of RMST's assets."
Artifact Labs will then go about "immutably" preserving "5,500 recovered physical artifacts from the Titanic with its NFT standard for historical assets on the blockchain." RMST controversially has sole salvaging rights to the wreck so fresh relics from future dives will be minted as "ARTIFACTs."
Jessica Sanders, RMST president, said: "We remain dedicated to sharing the legacy of the Titanic, her passengers and crew, with people around the world. 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. We are excited to have found the expertise and partners to help us reach those goals."
While RMST goes to great pains to paint it in a sympathetic light, the actions of the company show that the world's most famous shipwreck is just there to be milked – hence NFTs as another revenue stream.
Before the first salvage expedition set sail in 1987, survivor Eva Hart protested: "To bring up those things from a mass sea grave just to make a few thousand pounds shows a dreadful insensitivity and greed."
RMST emerged as the "salvor-in-possession" after decades of squabbling over dead people's possessions even though Judge Paul Niemeyer described "a free finders-keepers policy" as "a short step from active piracy and pillaging."
NFT vending machine appears in London Hong Kong wants to be the world's home for virtual assets Microsoft to blockheads: NFTs and blockchains aren't welcome in Minecraft Landmark case recognizes Bored Ape NFT as an asset Still, RMST was allowed to retain and put on display some 5,500 looted items – which it did... at the Luxor Casino in Las Vegas of all places. The traveling exhibition has since been visited by millions in locations all over the world.
It argued being named owner of the collection, valued at more than $200 million, was necessary to cover the costs of its dives. Meanwhile, shareholders had been pushing the company to chase more profit. As part of the court ruling, RMST was not allowed to break up the collection.
Thanks in part to the success of the Titanic attraction in Belfast, Northern Ireland, near where the ship was built, parent company Premier Exhibitions filed for bankruptcy in 2018, whereupon it immediately sought to gain rights to sell off the artifacts, including valuable jewelry, with a minimum bid set at $21.5 million to pay creditors.
A consortium of museums and heritage organizations pulled together to try to save the collection, but could not raise enough money. Instead, Premier was bailed out by three hedge funds for $19.5 million and the auction was canceled.
In 2020, RMST managed to overturn a UNESCO protection that forbade cutting into or detaching any part of the Titanic – ostensibly to recover the Marconi telegraph machine which made the ship's final distress calls.
However, this also means more treasure will be made more accessible – therefore more "ARTIFACTs" to be minted. And there is no guarantee new finds won't be sold off to the highest bidder.
RMST's NFT venture is scant on details. While the violin played as the Titanic sank sold at auction for $1.7 million in 2013, we can't imagine a digital picture of it, or even a 3D scan, fetching a fraction of the price. Sadly, due to the misplaced fervor around the mass grave, Titanic fanatics may be persuaded to wade into the NFT world and give RMST the encouragement it clearly doesn't need to further dismantle the site.
Although NFTs crashed in value last year because of tribulation in the wider cryptocurrency market, projects like this continue to pop up, rugs continue to be pulled, and people continue to lose money. Sadder still, while the Titanic was fatally touted to be unsinkable, it's NFTs that refuse to go the same way. ®
The difference between the Titanic and any ancient Greek or Chinese shipwrecks or Spanish galleons is....
Several thousands of feet down would be my first guess?
No different. I’m glad they have a way to preserve some of the historical artifacts from the wreckage. It’s incredible what they can do now.
If as I understand John Pierpont (J.P.) Morgan, whose company was the controlling trust and retained ownership of the White Star Line have they salvage rights?
What’s an NFT?
Thanks for asking . I don’t know .
“Hong Kong’s first approved virtual asset manager, will “lead in structuring the tokenization of the intellectual property and also develop tokenized instruments for accredited investors, drawing on its expertise as a licensed virtual asset manager. This will enable compliant capital raising for the ongoing research, recovery, preservation, exhibition, and licensing of RMST’s assets.” “
ROTFLOL!
but hey, with THAT many buzzwords strung together, it MUST be a legit “investment”, right?
Think of NFT’s as a kind of hi-tech digital baseball card. Now, it’s not necessarily about baseball. It could a be a work of art, or a plan of a house. It could be anything. It could be one of a kind or a limited number. But some have sold for a lot of money, like $69 million.
“What’s an NFT?”
non-fungible token ... which is a blockchain token that has a unique serial number and which represents something digital, which usually means a representation of something that really is nothing ... and is purported to have great value, just so long as there’s a greater fool than you who’s willing to give you more money for it than what you paid for it when you bought it from the con artist that sold it to you ...
Ok , thanks .
Thank you. I’m guess this the basis of crypto?
“What’s an NFT?”
= = =
So
In ‘image’ of inside my brain, with its scrambled collection of 70-plus years of experience could be an NFT?
Is it worth $$$? How much???
“In ‘image’ of inside my brain, with its scrambled collection of 70-plus years of experience could be an NFT?”
sure ...
“Is it worth $$$? How much???”
it depends upon how good of a con artist you are ...
I love that definition. Thank you!
“I’m guess this the basis of crypto?”
more or less ...
crypto is based on FUNGIBLE blockchain tokens, that is tokens that are all the same and are indistinguishable one from the other ... each crypto token represents only the IDEA of a coin, rather than some digital image or some such as is the case with an NFT ... in other words, crypto is even LESS tangible than an NFT!
check out my definition of crypto i just gave to “boomer”:
“I’m guess this the basis of crypto?”
more or less ...
crypto is based on FUNGIBLE blockchain tokens, that is, tokens that are all the same and are indistinguishable one from the other ... each crypto token represents only the IDEA of a coin, rather than some digital image or some such as is the case with an NFT ... in other words, crypto is even LESS tangible than an NFT!
So this is basically vapor money?
Glad I’m not the only one to wonder.
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