We’ll be launching towards the end of year, sign up to find out first.
Otis House is a marketplace, auction platform, and vault for physical items, built on top of Ethereum. The physical items are stored, vaulted, and insured by Otis, and we mint NFTs that represent ownership of the items.
Otis handles the vaulting of physical items, which includes storage, insurance, and authentication. We then issue an NFT that represents ownership of that item, allowing anyone to bid on it.
Anyone can submit any physical collectible above $5,000. These items will be stored in Otis’ physical storage vault in Delaware or New York City where they will be placed in temperature and humidity-controlled vaults. Otis will then professionally photograph, authenticate, and insure each item. From there, an NFT will get minted and sent to the owner’s wallet.
Owners can list and sell the item 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. Buyers can redeem the NFT to possess the physical item where we will ship it, they can sell it again on the marketplace, or fractionalize it. The possibilities are endless.
Auction winners are immediately transferred their NFT. They can redeem their NFT for the physical item whenever they'd like, and Otis will arrange shipment. Alternatively, they can leave the physical item safely vaulted and insured with Otis.
Otis doesn’t charge anything for the vaulting services but charges a 5% royalty fee on every resale of the item.
Our vision is to create a new asset class around Culture. Otis House is one of many new products and services that we will bring to market to broaden access, improve liquidity, and increase price transparency.