With both fractional and traditional non-fungible tokens (NFTs) growing exponentially this year, Otis has announced the launch of a marketplace called Otis House. The platform is a new NFT project that is turning physical items into NFTs, and the tokens can be exchanged for the physical items kept in a vault at any time. The platform has launched the auction of six assets, including a vintage Super Mario Bros 3 video game and a rare Bob Ross painting.
Otis House aims to bridge NFTs and physical collectibles
While NFTs were a hot topic in 2021, Bitcoin.com News has covered a number of interesting projects that use NFT technology in other ways. For example, Bitcoin.com News spoke to popular American rapper Ja Rule in September about his startup Flipkick.io, a platform that leverages both physical and digital NFTs from artists, celebrities, and creators looking to monetize their work. Our news desk has also discussed Fractional NFTs on a few occasions, highlighting four projects dedicated to divisible NFT technology.
One of the startups featured in the article under Unicly, Fractional and Daofi is Otis. Otis has announced the launch of Otis House, which aims to offer a different method of non-fungible token technology as the NFTs are tied to real objects. Otis has held NFT auctions in the past, and on July 29th, Otis unveiled a limited NFT collection from record artist Grimes. The new NFT auction platform “will be rare” [and] physical collectibles in NFTs, [and] NFTs purchased through Otis House can be exchanged for the physical item at any time. “
Otis House claims to provide a bridge between NFTs and physical collectibles. Essentially, a collector sends a physical item to Otis House and the item is stored in a vault, authenticated, and insured. After the vault process, which must be an item with a value greater than $ 5,000, Otis will mint an NFT to represent the domed collectible. Otis says auctions are held regularly on the platform and the owner with an authentic NFT can trade in the digital item for the physical collector’s item at any time. “Otis will destroy the NFT and send the collector’s item to the owner,” the company said on Wednesday.
1971 Bob Ross, Super Mario Bros. 3, Lebron James Rookie Card
Otis House currently has six collectible assets up for auction. Collectibles include a 1993 Simpsons Matt Groening DeBart card (PSA 9), a 2003 Topps Chrome Lebron James Rookie card (PSA 10 Gem Mint), a Pokémon Yellow Gameboy video game (Wata 9.4) Special Pikachu Edition, a Nintendo Super Mario Bros. 3 (Wata 9.6) and a 1971 Bob Ross painting. Currently, auctions have more than four days to close at the time of writing. The video game Pokémon Yellow Gameboy currently has a bid of 1.2 ETH, valued at around $ 4,878 at the time of going to press.
According to Otis, anyone can submit a collector’s item valued at over $ 5,000, and all items will be stored in temperature and humidity controlled vaults in either Delaware or New York City. “Owners can auction and sell the item, take out a loan against the NFT, or a group of buyers can party bid or form a DAO to jointly own the item,” the startup’s website says. “Buyers can redeem the NFT to get the physical item where we ship it, they can resell it in the marketplace, or they can fractionate it. The possibilities are endless. “
What do you think of the launch of Otis House and the ability to mint and trade NFTs with physical collectibles? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Otis House,
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