On the 16th of December 2021, Otis announced the launch of Otis house to the public. Otis House is a digital marketplace that converts tangible physical items into digitized forms. This project is built specifically to convert physical items – art pieces, computers, monuments – into tokens that can be used for trading on the blockchain space.
The physical items – which must be worth more than five thousand dollars – are collected, verified, and kept in a secret vault by Otis. After the collection, the items would be minted as non-fungible tokens.
According to Otis, the digital tokens can be traded off to those interested in the real item on the digital marketplace. They further mentioned that the tokens confer ownership of the physical item to the holder. Therefore, only the holder of the token has access to the physical item that it represents.
After the acquisition, the owner would trade the non-fungible tokens in exchange for the real item. The items would then be shipped to the original NFT holder, and the NFT would be destroyed. Otis further hinted that the collectibles would be stored at regulated vaults in Delaware or New York City in America.
At the moment, the firm has six collectibles listed up for auction. These collectibles include The collectibles include a 2003 Topps Chrome Lebron James Rookie Card (PSA 10 Gem Mint), a 1993 Simpsons Matt Groening DeBart card (PSA 9), a Nintendo Super Mario Bros. 3 (Wata 9.6), a Pokémon Yellow Gameboy video game (Wata 9.4) Special Pikachu Edition, and a 1971 Bob Ross painting.
At the time of writing this piece, the collectibles have approximately four days to close off. The Pokémon Yellow Gameboy video game has the highest bid, with a total of 1.2 ETH. This development may revolutionize ownership and the auction space in the next couple of years.