Otis is an app where you can invest in items such as NFTs, collectibles, shoes, and much more. Lots of money can be made but you can also lose a lot of money.
Today I’m going to talk about this fairly new app called Otis, where you can buy a share in a particular item and earn profits when they sell at a higher price.
Buying low and selling high is not a new concept, but Otis does things differently.
They buy collectibles that have the potential to increase in price over time, then sell when they can get a good ROI.
That’s the gist of it all, but there’s still more to talk about so lets get started.
What is Otis?
Otis is a website and app where you can buy shares of an item and earn potential profits later on.
There is big money to be made in collectibles.
Sports cards that sold for a measly few bucks in the 80s now sell for hundreds of thousands of dollars.
Even Pokemon cards have risen in price tremendously in the last couple of years.
There’s no doubt that big money can be made through buying collectibles and selling later when the market is in demand.
However, the downside to this business model is that prices fluctuate tremendously.
There’s big risk but there’s also big reward.
That’s why Otis claims to hold all collectibles for at least 3 – 7 years to get the best bang for your buck.
How it Works
First and foremost you can scour the different items on the official website: withotis.com
There are many categories and items that you can choose from.
Otis will give you a breakdown of the item, origination, why it’s valuable, etc.
However, you should still do your due diligence to know what you’re investing in, just like anything you put your money into.
Although you can view the different items on the website, you still have to download the app before you can start investing.
How to Make Money With Otis
There are 2 ways to earn money via the Otis app.
Firstly, you can buy shares of an item at a low price and sell at a higher price.
That’s right, they have a trading platform that allows more liquidity.
When Otis first started in 2018, they did not have the trading platform, so lack of liquidity was a problem for many users.
They wanted the ability to move their money around, so they created the trading platform where users can sell their shares to others.
Secondly, you will earn a lump sum when they sell the product off, usually after 3 – 7 years.
What Can You Invest In?
There are many items and memorabilia that has the potential to earn you profits, which is something I really like about Otis.
- Contemporary art
- Sports memorabilia
- Rare comics
- And more
As I was scouring the app I found a pair of Air Jordans that Michael Jordan wore in 1985 when he slam dunked the ball and completely shattered the backboard.
That legendary moment is now still with us with these shoes.
In comparison, another Game-Worn MJ shoe was recently priced at $615,000.
What I Like About Otis
The Items Go Through a Vigorous Vetting Process
Make no mistake about it, the experts behind the scenes do their due diligence to make sure they’re putting good investments on their app.
In saying that, you should still do your research to know what you’re investing in. Not everything will make you money.
The Owner Has a Good Reputation
The owner – Michael Karnjanaprakorn – is the previous founder of Skillshare, the highly successful online education system.
This shows that he knows what he’s doing what it comes to business.
He’s not someone “new on the block” just trying to make a name for himself.
This man has created successful businesses in the past, so rest assured, you know your investments are in good hands.
Wide Range of Good Products
With the rise of NFTs (Non-Fungible Items) and other collectibles being sold for hundreds of thousands of dollars, it makes sense that people want to jump on this wagon.
But most people don’t know where to start or have the time to look for potential money-makers.
Well in this case, Otis does all the hard work for you.
They make sure that their products are good and have the potential to rise in price later on.
High Earning Potential
I do like how there’s the potential for big returns on your investment.
However, this will likely come from the sale of the item that will come after 3 – 7 years.
You cannot buy shares just to sell them a couple of days later, as they have a 1 – 3 month lockup period, which is big downside to their trading platform.
But if you buy, hold and wait for the sale of the item, you can earn big money.
New Drops Every Week
I also like that they are actively adding new “Drops” each week to keep the list fresh.
What I Don’t Like About Otis
It’s Still a New App (Limited History)
With the good comes the bad.
There is still a long way to go to see how this app will perform in the long run.
They say they will hold your items for at least 3 years before they sell anything, but the app has only been out for 3 years, so there’s limited history on selling performance.
The Trading Platform Is Still New
The trading platform is new, so your trades won’t go through instantly (although you can input buy and sell orders 24/7).
They execute trades weekly to the bidders at or higher than the clearing price, and sellers at or below.
Then there’s the 1 – 3 month lockup period which means you can’t sell your shares instantly after buying, so don’t put money in that you need back the next day.
One thing I do like is the zero trading fees.
Should You Invest your Money With Otis?
It’s completely up to you.
But in my personal opinion, I am saying that you should not use it as your primary source of investment.
I would invest spare money only, money you don’t mind losing. Because there’s a high chance you could lose it.
The thing about buying and selling items is that it’s a volatile market.
It’s simple supply and demand.
You might buy something that’s worth a lot now because everyone wants it, but 10 years down the line it could be worth nothing.
Then another 5 years later it might increase 5000% in price. You just never know which is why it’s so risky.
Fun, but also risky.
Basically what I’m saying is that you should spread your investments out wisely.
Invest in ETFs to secure are safer increase overtime, and then invest in items and collectibles with money you don’t mind losing.
So yes, you should definitely try your luck with Otis if you have the patience to play the long game.
You might not make a lot of money in 1 year, 5 years or even 7 years, but eventually there’s going to be a demand for your item (hopefully).
Are Collectibles A Good Investment?
I have no doubt in my mind that more and more people are buying collectibles for the sake of selling later on for a profit.
Just look at the rise of NFTs in the last couple of years.
Forget Bitcoin, NFTs are the new rage and will be for quite some time.
People are literally paying thousands of dollars for a colored squiggle. I’m not even joking.
Items and collectibles are only going to get bigger (in my opinion) and if you invest in something, you have a pretty good chance of making a good profit down the line.
As long as you buy and hold of course. That’s really the safest route to increase your chances of making big money.
Fortunately we have apps like Otis that allow us to own a fraction of a 6-figure item.
Is Otis Safe or a Scam?
Otis is 100% safe to use and invest in.
They do not scam, have no history of scamming, and the owner is as legit as they get.
However, just because they are legit doesn’t mean that you are guaranteed profits.
Any investment is risky, and unfortunately due to the volatility of collectible items, there’s a high chance you can lose money.
You still have to do your due diligence to make sure what you’re investing in is good.
But yes, Otis is a safe app and a good way of investing in items that you can’t afford on your own.
Verdict: Legit But Risky
Another Way of Making Money?
If you’re in it for the money, you might as well focus on creating a sustainable business that can earn you money every day for years to come.
I’m talking about an online business.
It’s much safer, can earn you 4 – 5 figures per month, and you can tell your boss to get screwed.
With this method, you can be earning money in a few months and possibly quit your job in 1 year, taking into consideration that you work hard.
The website you’re on now is only 5 months old (when I wrote this article) and earns me a consistent $30 per day. In another 7 months I plan to get it to $150 per day.
And this is just one of many websites making me money. Although you only need one good website to make consistent cash flow.
But that is what I recommend if you really want to make a change in your life instead of relying on collectibles that may or may not make you money.
Well thanks for reading, I hope you enjoyed it.