Otis House Auctions NFT-Backed Physical Collectibles

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Brand new auction platform, Otis House, has listed a masterpiece painted by arguably the greatest artist of all time. The work in question, is an NFT-backed physical item by world-renowned brush maestro, Bob Ross.

This prime example of fine art is one of five NFTs going under the hammer to mark the launch of the fledgling auction house and represents anAlaskan snowscape painted prior to Bob’s meteoric rise to superstardom. The piece was created in 1971, way back when he was just a humble military man.

Otis House is one of several emerging marketplaces that offer genuine ownership of physical collectibles, backed by an NFT smart contract. The platform will evaluate, insure, and safeguard each item in a secure vault, and then mint it as an NFT in order to provide its digital representation, thereby enabling the transfer of ownership via public marketplaces without endangering the product. Should the owner later wish to redeem the physical item, Otis will then burn the NFT.

💥Otis House is here!

What is Otis House, why are we doing it & what’s up for auction?

All good questions, let’s find out 👇👇👇 pic.twitter.com/QpKVf520RN

— Otis (@withotis) December 15, 2021

The amazing Bob Ross creation is one of five auctions currently underway on the platform. As such, collectors can also bid on a Topps LeBron James Rookie Card, a 1993 Bart Simpson collectible, a legit copy of Super Mario Bros 3 for the NES, and a Gameboy release of Pokémon Yellow: Pikachu edition. All of which represent physical items backed by an NFT smart contract. Interested parties have until December 19 to make their bids.

Visit the Otis House website >> Here

Source: https://nftplazas.com/otis-house-nft-backed-physical-collectibles/

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