We’re excited to share a new project we’ve been working on called Otis House.
Otis House will be a marketplace, auction platform, and vault for physical items, built on top of Ethereum. The physical items will be stored, vaulted, and insured by Otis, and we’ll mint NFTs that represent ownership of those items.
These NFTs will then be able to be collected, bought, or sold without the necessity to ship or transfer physical possession of the items they represent. If at any time the holder of one of these NFTs wants to take possession of the corresponding physical item, they can simply trade it into Otis House.
Why?
Our vision is to create a new asset class around Culture. As our core business fractionalizes the high-end of the market, we noticed how inefficient the market remains across a range of price points.
- The market is overly opaque as there’s little to no record of provenance, previous sales prices, or valuation data.
- Fees to sell are prohibitive as auction houses charge up to 20% buyer’s premium and 10% for sellers.
- Entering these spaces is often inaccessible and intimidating to the average buyer.
We believe that creating a new auction house/marketplace that is transparent, open, and liquid will benefit the industry.
Otis House is one of many new products and services that we will bring to the market to broaden access, improve liquidity, and increase price transparency.
How It Works
Otis will handle the vaulting of physical items, including storage, insurance, and authentication. We’ll then issue an NFT that represents ownership of that item and transfer that NFT back to the owner.
This entire process will be free for approved items.
From there, owners will have the ability to list and sell the NFT via auction, take out a loan against the NFT, or a group of buyers can PartyBid or create a DAO to co-own the item together. Should they choose, buyers will also be able to redeem the NFT to possess the physical item and do with it what they choose.
The possibilities are endless.
Coming Soon
Sign-up on our website to follow along with our official launch in a few months. It’ll kick off with an auction of our first batch of NFTs, representing items ranging from sneakers to video games and other collectibles.
Our goal is to be a leading marketplace where anyone can vault any physical item. These items can be from artists, collectors, galleries, museums, DAOs, funds, and everything in between. These NFTs can be sold, fractionalized, or simply vaulted.
In the long run, with our community, we will be a collection that will rival any museum in the world.
Get Involved