New Platform Merges Collectibles, NFTs

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.

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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