Public has announced its acquisition of Otis, the startup that offers digital collectibles (NFT), and fractional investment. Public’s co-CEO believes the acquisition will give Public the ability to provide people with the only place in the world “where people can invest in — and build a modern portfolio with — any fractional asset.”
‘Fractionalizing Any Asset’ — Social Investing Firm Public Acquires NFT Startup Otis
Public announced that they had purchased Otis, the NFT auction site. Bitcoin.com News first reported about Otis back in 2021, when Otis had announced that it was selling six physical assets. The physical items revealed that day included a 1993 Simpsons Matt Groening DeBart card, a mint condition 2003 Topps Chrome Lebron James Rookie card, a Pokémon Yellow Gameboy video game, Nintendo’s Super Mario Bros. 3, and a 1971 Bob Ross painting.
Otis then takes a $5K item and mints an NFT to represent the vaulted collectible. Once the NFT has been created, it is available for trading and fractionalization. It also provides fractional investments through its website, public.com. The company offers users fractional shares in stocks and exchange traded funds (ETFs). Public has secured capital on several occasions including an initial seed round in 2018, a Series A through C, and the firm’s Series D fundraise in 2021 saw a $1.2 billion capital injection.
“We’re excited to announce the acquisition of Otis, a pioneer in fractional investing in NFTs, art, and collectibles,” Leif Abraham, Public’s co-CEO said in a statement on Wednesday. “With Otis joining Public, the Public platform will soon be the only place in the world where people can invest in — and build a modern portfolio with — any fractional asset. That means NFTs, art, collectibles, real estate, crypto, funds, stocks, and more — all in one place.”
The Last Year Has seen significant demand for fractionalized digital collectibles
The topic of fractionalized digital collectors has become very popular in the last twelve months. Protocol Unicly, for example, fractionalizes NFT-collectibles using a native token called Utoken. According to dappradar.com, the market capitalization of fractionalized NFTs currently stands at $89.2 Million as of press time.
The physically-back NFT platform Courtyard recently partnered with the asset protection firm Brink’s in order to store 1,000 graded Pokémon cards and then mint them into NFTs. Fractional, a project called Daofi and another one called Fractional offer digital fractionalized collectible items. Dappradar.com statistics also indicate that fractionalized Doge NFT, (DOG), is the biggest project in its type by market capital.
How do you feel about Otis, a fractional investor company that acquires NFT startup Otis. Comment below and let us know how you feel about the subject.
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