Troika Media Group Inc (NASDAQ:TRKA), through its subsidiary, Troika IO, became the first publicly-traded company to use the Bitcoin ledger to secure its non-fungible tokens (NFTs) backed by luxury brands.
What Happened: Troika IO will offer a new way for brands to list luxury assets tied to NFTs using a familiar asset like Bitcoin as more fashion and luxury brands look to capitalize on NFTs and crypto offerings.
Troika’s NFT marketplace, Redeeem NFT, serves as a marketplace for luxury asset-backed NFTs and lists multiple rare luxury goods.
Asset-backed NFTs are verified physical items stored in a secure vault. series of NFTs represent each item that delineates ownership of the physical item.
Users can choose to redeem the NFT for the physical item at any time.
Why It Matters: Troika.IO, since its launch, has worked with a famous consignment company to authenticate and integrate powerful luxury fashion brands to its exchange in 2022.
Troika uses the Stacks network (STX) to settle the transactions on the Bitcoin blockchain and uses Clarity intelligent contracts to link information about the physical object.
Troika’s marketplace allows novice NFT purchasers to buy NFTs and accepts familiar payment options, including cryptocurrency.
Users do not need a wallet to purchase the NFTs.
The asset-backed NFT owners can sell their NFT on the Redeeem NFT marketplace, gift it to a friend, withdraw to any private wallet, or burn it and redeem the physical item from a secure vault.
Related Link: Troika Media Group Reports Second Quarter Fiscal Year 2022 Results
Price Action: TRKA shares traded higher by 4.84% at $1.30 in the premarket on the last check Friday.
