Otis, a collectables company that offers fractional investment options, has launched Otis House, a new NFT auction platform that mints NFTs of rare physical collectables.
The company, which debuted on Wednesday, allows collectors to submit real-world objects worth more than $5,000 USD to Otis House. Otis then takes physical possession of the item, authenticating, insuring, and vaulting it for safekeeping.
Following that, Otis creates an NFT that represents ownership of the physical object and can be auctioned off on the site. After purchasing an NFT, the buyer can exchange the digital asset for the corresponding physical item at any time, and Otis will destroy the NFT and ship the collectable to the new owner.
A 1971 Bob Ross painting is currently up for auction, as is a 2003 Topps Chrome Lebron James Rookie card PSA 10 Gem Mint; a Wata 9.6 Super Mario Bros. 3; a Wata 9.4 Pokemon Yellow; and a 1993 Skybox Simpsons Matt Groening DeBart PSA 9.