Bob Ross's 'The Joy Of Painting' Artwork To Be Sold As An NFT

The first non-fungible token (NFT) featuring a Bob Ross painting is being auctioned off on Otis House, an auction platform that tokenizes physical artworks.

What Happened: Ross' "The Joy of Painting" artwork — painted in 1971 when he was in the military — is being auctioned on Otis House as the inaugural sale that marks the launch of the platform. As of press time, the highest bid of 1 Ethereum ETH/USD (or about $3,800) is being made by ethmonkey.eth as there are still over 4 days before the auction ends.

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Otis House is a subsidiary of Otis, a firm involved in selling fractional ownership of digital and physical collectibles as tokens including a professionally graded LeBron James rookie card, a 1993 Matt Groening “Simpsons” collectible and an original copy of Super Mario Bros 3. Otis House issues NFTs that represent physical items that were submitted by collectors.

Otis House's physical collectibles are vaulted and insured by the company, and the NFTs are destroyed when the owners request the physical items to be returned. NFTs issued by Otis House can be traded on other marketplaces such as OpenSea, which is a major boon to their liquidity.

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