In November 2018, blockchain-powered Otis House Auctions announced their new partnership with digital collectibles exchange platform OpenSea. The auction house plans to offer a variety of collectible physical items including art and gold coin collections on the NFT market through OpenSea’s marketplace.

Otis House Auctions is a new company that is using the NFT-backed physical collectibles to sell their items. They are currently selling houses in the US and Canada.

Otis House Auctions NFT-Backed Physical Collectibles

Otis House, a brand new auction site, has featured a painting by probably the greatest artist of all time. The work in question is a real piece by world-renowned brush master Bob Ross, which is endorsed by NFT.

This fine art piece is one of five NFTs going under the hammer to commemorate the auction house’s debut, and it depicts an Alaskan snowscape drawn before Bob’s rapid climb to superstardom. He produced the painting in 1971, while he was still a modest military guy.

Otis House is one of many new markets that provide true ownership of tangible items through an NFT smart contract. The platform will examine, insure, and store each object in a secure vault, then mint it as an NFT to offer its digital representation, allowing for ownership transfer through public markets without putting the thing at risk. Otis will burn the NFT if the owner subsequently wants to redeem the tangible item.

Otis House is arrived!

What is Otis House, why are we holding an auction, and what is being auctioned?

Let’s find out the answers to these questions. pic.twitter.com/QpKVf520RN

15 December 2021 — Otis (@withotis)

The incredible Bob Ross masterpiece is one of five auctions running on the marketplace right now. Collectors may also bid on a Topps LeBron James rookie card, a 1993 Bart Simpson collectable, a genuine copy of Super Mario Bros 3 for the NES, and a Gameboy version of Pokémon Yellow: Pikachu edition. All of them are actual goods that are backed by an NFT smart contract. Bids must be submitted by December 19 to be considered.

>> Here is the link to the Otis House webpage.

 

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