Otis, a fractional ownership platform, has launched a new marketplace that facilitates the minting of real-world collectibles into NFTs.
The new marketplace and auction platform, dubbed Otis House, commenced operations on Wednesday. Here’s how it works: a collector submits a collectible worth $5,000 or more to Otis, and the company goes through an authentication and verification process once it receives the item.
Otis then mints an NFT, which the collector is free to sell or trade like any other NFT. The twist is that Otis maintains possession of the collectible — which the company insures — safekeeping the item in vaults located in Delaware and New York.
“We believe that the spectrum of collecting and investing is kind of blurring, especially for what we do,” Otis CEO Michael Karnjanaprakorn told Crypto Investor. “Historically, you usually see people on one side or the other, but we’re finding more and more people now in the middle of that spectrum.”
At launch, Otis won’t charge fees for taking possession of and authenticating collectibles, Karnjanaprakorn said. The company instead aims to make its money off secondary transaction sales — where it takes a 5% royalty fee off each sale. Owners of the NFT are free to put the item up for sale on Otis’ own in-house marketplace or shop it elsewhere, including popular NFT marketplaces such as OpenSea.
At any time, the owner of the NFT can burn, or destroy, the NFT. Doing so triggers a process with Otis that will return the vaulted item back to its owner.
Otis’ marketplace will also be friendly to DAOs and other crypto investment groups, Karnjanaprakorn said. He pointed to the example of ConstitutionDao running into trouble submitting a bid to Sotheby’s for the copy of the Constitution that was ultimately purchased by Ken Griffin.
If it were listed on Otis House, Karnjanaprakorn said, the idea would be that the DAO could bid on the auction natively via Web3 without ever having to interact with a traditional auction house.
Otis House plans to set up organized auctions about once a month, working with collectors to craft themes for them, the executive said.
The new platform launched with about five NFTs this week, including a Bob Ross painting, a Topps Lebron James rookie card and several rare video game collectibles.
Otis, a fractional ownership platform, has launched a new marketplace that facilitates the minting of real-world collectibles into NFTs.
The new marketplace and auction platform, dubbed Otis House, commenced operations on Wednesday. Here’s how it works: a collector submits a collectible worth $5,000 or more to Otis, and the company goes through an authentication and verification process once it receives the item.
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