Alternative investment startup Otis adds NFTs to possible venture options

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

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“​​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. 

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.