Troika’s NFT marketplace, Redeeem NFT will use NFTs to redeem physical rare luxury goods
LOS ANGELES, CA - (NewMediaWire) - February 18, 2022 - Troika Media Group (NASDAQ:TRKA), through its subsidiary, Troika IO, has become the first publicly-traded company to use the Bitcoin ledger to secure its non-fungible tokens (NFTs) backed by luxury brands. With more fashion and luxury brands looking to capitalize on NFTs and crypto offerings, Troika IO will provide a new way for brands to list luxury assets tied to NFTs using a familiar asset such as Bitcoin.
Troika’s NFT marketplace, Redeeem NFT, serves as a marketplace for luxury asset-backed NFTs and lists a number of rare luxury goods including handbags and wallets, shoes and accessories, and collectable art pieces. Asset-backed NFTs are verified physical items stored in a secure vault. Each item is represented by a series of NFTs that delineate ownership of the physical item and users can choose to redeem the NFT for the physical item at any time, which will be delivered locally by a secure service.
Since its launch, Troika.IO has worked with a popular consignment company to authenticate and integrate major luxury fashion brands to its exchange in 2022.
“One of our goals at Troika IO is to demystify and simplify the NFT world for the general market. One way we’re doing that is by bridging the digital and physical divide with our physically-backed NFTs,” said Kyle Hill, President, Head of Crypto, Troika IO. “Integrating with Stacks has been instrumental in accelerating interest and adoption from the mainstream market, considering that many people are automatically familiar with Bitcoin.”
Troika uses the Stacks network (STX) to settle the transactions on the Bitcoin blockchain and uses Clarity smart contracts to link information about the physical object such as where it came from, where it is located, and authentication details.
Troika’s marketplace makes it easy for first time NFT purchasers to buy NFTs and accepts familiar payment options including credit/debit cards, giftcards, ACH payments or wire transfers. NFTs can also be purchased using cryptocurrency including Bitcoin and a number of supported stablecoins and altcoins. No wallet is needed to purchase the NFTs, allowing for a more user-friendly experience. Owners of these asset-backed NFTs have the option to 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.
Dr. Muneeb Ali, CEO of Hiro and Founder of Stacks, commented, “Even though NFTs originated on the Bitcoin blockchain, Bitcoin NFTs largely are ignored in favor of their Ethereum counterparts. However, there’s a huge opportunity for Bitcoiners to express their culture through modern Bitcoin NFTs, which we’re already seeing in projects like Crash Punks and Phases of Satoshi. As Troika continues to make building NFTs on Bitcoin easier through Stacks, we’re looking forward to seeing the creativity from our community expand.”
About Troika Media Group
Troika Media Group (NASDAQ:TRKA) is an end-to-end brand solutions company that creates both near-term and long-term value for global brands in entertainment, sports and consumer products. Applying emerging technology, data science, and world-class creative, TMG helps brands deepen engagement with audiences and fans throughout the consumer journey and builds brand equity. Clients include Apple, Hulu, Riot Games, Belvedere Vodka, Unilever, UFC, Peloton, CNN, HBO, ESPN, Wynn Resorts and Casinos, Tiffany & Co., IMAX, Netflix, Sony and Coca-Cola. For more information, visit www.thetmgrp.com
About Troika IO
Troika IO is a crypto-consultancy that demystifies the often-complicated world of NFTs and the metaverse for global brands. An end-to-end crypto solution, Troika IO designs and mints NFTs, owns and operates NFT marketplace Redeeem, and grows passionate NFT communities for consumer brands and entertainment properties. Troika Labs is part of the Troika Group (Nasdaq: TRKA). For more information, please visit https://troika.io/