Otis launches NFT auction platform to transform real-world items into digital collectibles – Blockchain Bitcoin News


Due to the exponential growth of some and traditional non-fungible tokens (NFT) this year, Otis announced the launch of a market called Otis House. The platform is a new NFT project that turns physical items into NFTs, and tokens can be used to trade physical items stored in the vault at any time. The platform initiated the auction of six assets, including a retro “Super Mario Bros. 3” video game and a rare Bob Rose painting.

Otis House aims to bridge NFT and physical collections

Although NFT has been a hot topic in 2021, Bitcoin.com news reports many interesting projects that use NFT technology in different ways.For example, Bitcoin.com news spoke In September, talked with American popular rapper Ja Rule about his business Flipkick.io, The platform leverages the physical and digital NFTs of artists, celebrities, and creators who want to monetize their work.Our news station also discussed Score NFT On some occasions and Highlight four items Committed to divisible NFT technology.

One of the startups mentioned in the article CIS, Fraction, and Daofi Is a company Otis. Otis announced the launch Otis House It aims to provide a different technical approach to non-homogeneous tokens because NFTs are associated with real-world items.Otis has offered NFT auctions in the past, and on July 29, Otis launched Limited edition NFT series Created by recording artist Grimes.The new NFT auction platform “becomes rare [and] Convert physical collections into NFT, [and] NFTs purchased through Otis House can be traded as physical objects at any time. “

A 1993 Matt Groening DeBart card from The Simpsons (PSA 9). One of the six NFT assets provided by Otis House.

Otis House claims to build a bridge between NFT and physical collections. Essentially, the collector sends the physical object to Otis House, which is then stored, verified, and insured in the vault. According to the vault process (must be an item worth more than 5,000 USD), Otis will cast an NFT to represent the vault collection. Otis said that auctions are held regularly on the platform. At any time, owners with real NFTs can exchange digital items for physical collections. “Otis will destroy the NFT and ship the collection to the owner,” the company detailed in its announcement on Wednesday.

1971 Bob Ross, Super Mario Bros. 3, LeBron James rookie card

Currently, the Otis House has six collection assets under auction. The collection includes 1993 Simpsons Matt Groening DeBart card (PSA 9), 2003 Topps Chrome Lebron James rookie card (PSA 10 Gem Mint), Pokémon Yellow Gameboy video game (Wata 9.4) special Pikachu version, Nintendo Super Mario Bros. 3 (Wata 9.6) and a painting by Bob Ross in 1971. Currently, at the time of writing, the auction has more than four days to end.This Pokémon Yellow Gameboy Video Game There is currently a bid of 1.2 Ethereum As of press time, the value is approximately US$4,878.

A 1971 Bob Ross painting (left) and a 2003 Topps Chrome Lebron James rookie card [PSA 10 Gem Mint] (Picture on the right).

According to Otis, anyone can submit collections worth more than $5,000, and all items will be stored in a temperature and humidity controlled vault in Delaware or New York City. “Owners can list and sell items through auctions, loan to NFT, or a group of buyers can Party logo Or create a DAO to jointly own the project,” the startup’s website details. “Buyers can redeem NFT to own the physical items we will ship, and they can resell them in the market or subdivide them. The possibilities are endless. “

Tags in this story

auction, Bob Rose painting, Daofi, Decentralized autonomous organization, Debatka, Delaware, Fraction, Score NFT, Grimes, LeBron James Rookie Card, New York, nft, NFT Auction, NFT DAO, NFT technology, NFT, Irreplaceable tokens, Otis, Otis House, Party logo, Pokémon yellow, The Simpsons, Super Mario Bros. 3, Technology, CIS, treasury

What do you think of the launch of Otis House and the ability to use physical collectibles to mint and trade NFTs? Please tell us your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the head of news at Bitcoin.com News and a fintech reporter living in Florida. Since 2011, Redman has been an active member of the cryptocurrency community. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 4,900 articles about destructive protocols emerging today for Bitcoin.com News.




Image Source: Shutterstock, Pixabay, Wiki Commons, Otis House,

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