Troika Media Group’s Subsidiary, Troika IO, Launches Bitcoin NFTs Backed by Luxury Brands Using the Stacks Blockchain
February 18 2022 - 7:30AM
via NewMediaWire -- 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/
Contact:
For Troika Media GroupKevin
Aratari kevin@troikamedia.com
Investor RelationsTraDigital
IRKevin McGrath+1-646-418-7002kevin@tradigitalir.com
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