New Digital Marketplace Otis House Turns Rare Collectables Into NFTs

Otis, a collectibles company that provides fractional investment options, has launched a new NFT auction platform called Otis House that mints NFTs of rare physical collectibles.

Launched on Wednesday, the company allows collectors to submit real-world objects valued at more than $5,000 USD to Otis House. Otis then takes ownership of the physical item, authenticating, insuring and vaulting it for safekeeping.

Next, Otis mints an NFT representing ownership of the physical object, which can be auctioned off through the site. Once purchased, NFT buyers can then trade in the digital asset for the corresponding physical item at any time and Otis will destroy the NFT and ship the collectible to its new owner.

The company currently has 5 NFTs up for auction including a 1971 Bob Ross painting; 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.

In other news, Michael Jordan and his son Jeffrey launched a new NFT platform called HEIR.
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