RMS Titanic Inc, the company responsible for preserving and showcasing the sunken ship, is collaborating with Artifact Labs and Venture Smart Financial Holdings, a Hong Kong-based asset management firm, to turn the physical artifacts from the tragic voyage of 1912 into non-fungible token (NFT) assets through Web3.

The goal of the project is to bring the RMS Titanic and its physical artifacts to the public on a global scale, the South China Morning Post reported. Artifact Labs intends to create NFTs of 5,500 artifacts already retrieved from the wreck and any future artifacts.

It will also introduce the Titanic DAO (Decentralized Autonomous Organization) so that members can participate in future projects.

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At this point, it is unclear which blockchain the project will use or the pricing strategy for the NFTs. This collaboration between RMS Titanic, owned by Premier Acquisition Holdings, and two Hong Kong-based firms, is significant as Hong Kong intends to become a regional hub for virtual assets.

The launch of the Titanic DAO will provide a platform for members to engage in future initiatives.

Recently, the Securities and Futures Commission (SFC) of Hong Kong announced that retail investors would be allowed to purchase virtual assets with significant market capitalization, including Bitcoin (CRYPTO: BTC) and Ether (CRYPTO: ETH), on authorized platforms.

These new regulations will take effect in June.

The new regulations cover various types of virtual assets, not just cryptocurrencies, and it aims to help Hong Kong become a more prominent player in Web3.

The push for virtual assets has been a significant focus in Hong Kong since the collapse of FTX, which was once the world's second-largest cryptocurrency exchange.

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