“Otis claims to offer a bridge between NFTs and physical collectibles through their newly launched platform, Otis House. Otis has come up with their own unique idea in which they will convert real world physical collectibles into NFTs and list them on their platform.”
Otis is a new NFT startup that has announced the launch of its NFT Auction Platform named Otis House. 2021 can be named as the year of the NFTs and various projects have come up with unique ideas regarding NFTs and are the very reason for their popularity. Otis has come up with their own unique idea in which they will convert real world physical collectibles into NFTs and list them on their platform. The physical collectible will be stored in a temperature and humidity controlled warehouse as backing up for the NFT and its authenticity. The buyers can buy the complete NFT or can buy shares of the NFT as suited to them.
The owner of the NFT can sell the NFT through the platform or can demand for the real physical collectible which will be shipped to the owner by Otis and the NFT will be destroyed by Otis. To get your NFT minted you need to ship the rare collectible (Price of the collectible must be above $5,000) to Otis and Otis will check the authenticity of the collectible and mint an NFT out of it at the same time storing it in their safe house.
Otis House claims to offer a bridge between NFTs and physical collectibles through the platform, which is a unique idea and will help in providing the artists and collectors a global marketplace to monetize their art and collectibles.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
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