Otis, a digital marketplace that converts tangible physical items into digital forms, announced Otis House’s launch to the public on 16 December 2021. Otis House is an online marketplace which converts physical objects into digitalized 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. These items are then minted into non-fungible tokens after they have been collected.

Otis stated that the digital tokens could be sold to anyone interested in purchasing the item via the online marketplace. Further, they mentioned that tokens grant the owner ownership over the actual item. The token holder is the only one who has physical access to the item it represents.

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The owner would then trade non-fungible tokens for the actual item after the acquisition. These items would be returned to their original NFT holders and then destroyed. Otis suggested further that the collectibles will be stored in regulated vaults located in Delaware and New York City, America.

Six collectibles are currently up for sale by the company. 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.

The collectibles still have four days before they close at the current time. The Pokémon Yellow Gameboy video game has the highest bid, with a total of 1.2 ETH. In the coming years, this development could revolutionize auctions and ownership.

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