Alternative investment startup Otis adds NFTs to possible venture options

Sep 23, 2021 | The Block News | 0 comments

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Otis, a startup that allows individuals to purchase shares of valuable physical goods, has now added NFTs to its list of available items, according to a Thursday filing with the Securities and Exchange Commission. 

The new digital assets included in Otis’s collection include CryptoPunks #2142 purchased for $375,000, Meebits #12536 worth over $36,000 — cosigned by Otis CEO Michael Karnjanaprakorn, and Art Blocks #524 bought for $24,000. All of these and more can be seen on the “withOtis” digital wallet connected to OpenSea

“​​We believe the market for NFTs, and digital assets generally, will grow from household names entering the space and its accessibility and transparency through the blockchain. Additionally, the overall macroeconomic environment is favorable for high-performing digital asset classes, from cryptocurrencies like Bitcoin to NFTs,” wrote Otis in the SEC filing. 

The startup intends to become a “stock market for culture,” and includes not only digital assets but video games, sneakers, real estate, wine, precious metals, art, and other investment-grade commodities. “Our goal is to unlock every type of alternative asset and give investors true, uncorrelated diversification,” wrote Otis.

A platform like this already exists for NFTs called Fractional.art, but it appears Otis is seeking to offer NFT sharing options through the SEC’s traditional regulatory framework. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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