Otis introduces NFT auction platform that transforms real objects into digital collectibles-blockchain
Otis introduces NFT auction platform that transforms real objects into digital collectibles-blockchain
Since both fractional and traditional non -fungal tokens (NFTS) have recorded exponential growth this year, the company OTIS has announced the introduction of a marketplace called Otis House. The platform is a new NFT project that transforms physical objects into NFTS, and the tokens can be exchanged for the physical objects stored in a safe at any time. The platform started the auction of six assets, including a vintage video game Super Mario Bros 3 and a rare Bob Ross painting.
Otis House aims to bridge the NFTS and physical collectibles
While NFTS 2021 were a hot topic, Bitcoin.com News reported on a number of interesting projects that use NFT technology in other ways. For example Bitcoin.com News spoken to the popular American rapper in September Startup flipkick.io , a platform that uses both physical and digital NFTs of artists, celebrities and creators who want to monetize their work. Our newsdesk also discussed fractionated nfts Nft technology.
one of the startups presented in the article at unicly , fraction , and daofi is the company otis . Otis has the introduction of otis-house to offer another method of non-fungable token technology, since the NFTS are bound to real objects. Otis offered NFT auctions in the past and on July 29, Otis A NFT-Kollection in limited edition from the admission artist Grimes. The new NFT auction platform "becomes rare" [and] physical collectibles in NFTS, [and] NFTS that were bought via Otis House can be exchanged for the physical object at any time. "
otis house claims to offer a bridge between NFTs and physical collectors. Essentially, a collector sends a physical object to Otis House and the object is kept in a safe, authenticated and insured. After the safe process, which has to be an object with a value of more than 5,000 USD, OTIS will shape an NFT to present the arched collector's item. Otis says that auctions take place regularly on the platform and that the owner can exchange the digital object at any time for the physical collector's piece with an authentic NFT. "Otis will destroy the NFT and send the collector's item to the owner," says the company on Wednesday.
1971 Bob Ross, Super Mario Bros. 3, LeBron James Rookie Card
Currently Otis House has six collectible assets that are available. The collector's pieces include a 1993 Simpsons Matt Groening Debart card (PSA 9), a 2003 Topps Chrome LeBron James Rookie card (PSA 10 Gem MINT), a Pokémon Yellow Gameboy video game (Wata 9.4) Special Pikachu Edition, a Nintendo Super Mario Bros. 3 (Wata 9.6) and a bob Ross painting from 1971. At the moment, the auctions have more than four days at the time of writing to close. The Pokémon Yellow Gameboy-Video game 1,2 ETH worth around 4,878 US dollar.
According to OTIS, everyone can submit a collector's item with a value of over $ 5,000 and all objects are kept in temperature and moisture-controlled safes either in Delaware or New York City. "Owners can offer and sell the article in an auction, take out a loan against the NFT or a group of buyers can Partybid or create a dao to have the article together", says the startups. "Buyers can redeem the NFT to purchase the physical article where we send it, they can sell it again on the marketplace or fractionate it. The possibilities are endless."
What do you think of the introduction of Otis House and the opportunity to shape and act with physical collector's pieces? Let us know your opinion on this topic in the comments below.
Photo credits : Shutterstock, Pixabay, Wiki Commons, Otis House,
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