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.
Download the mobile app now, available on iOS and Android.
Click here, or sign up for our newsletter to explore more of Benzinga’s Cryptocurrency market coverage, in-depth coin analysis, data, and reporting.
For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Posted-In:
$10 of crypto when you trade $100
*U.S. residents only*
eToro USA LLC; Investments are subject to market risk,
including the possible loss of principal.
$27 of crypto when you complete education
$25 in BTC when you deposit $100
2 free stocks when you make ANY deposit
© 2022 Benzinga | All Rights Reserved
Advertiser Disclosure: TD Ameritrade, Inc. and Accretive Capital LLC are separate, unaffiliated companies and are not responsible for each other’s services and products.
Editorial Disclosure: Reviews are as determined by Benzinga Money. Opinions expressed here are solely the author’s and have not been reviewed, approved or otherwise endorsed by reviewers.
