Troika IO, a Troika Media Group’s subsidiary, is using the Bitcoin ledger to secure its non-fungible tokens (NFTs) backed by luxury brands.
The publicly listed company is offering luxury brands the opportunity to take advantage of NFTs, to list luxury assets tied to NFTs using a familiar asset such as Bitcoin.
Even though NFTs “on Bitcoin” are not purely Bitcoin-based (in the same way that ERC721 tokens on Ethereum are), they are secured by the Bitcoin blockchain. Counterparty, Stacks, and the Liquid Network provide additional technology that enables NFTs to be issued and secured using Bitcoin.
Redeeem NFT, Troika’s NFT marketplace, will be the marketplace for luxury asset-backed NFTs. The site listed a number of rare luxury items, including handbags, wallets, shoes, and collectible art pieces.
What they are saying
Verified physical items are backed by NFTs and are stored in a vault. In addition to the NFT, each item is represented by a series of tokens that define ownership of the physical item, and the NFT can be redeemed for the physical item at any time.
“Our NFTs are physically backed, so we are bridging the digital and physical divide,” said Kyle Hill, President, Head of Crypto, Troika IO. “Because many people are automatically familiar with Bitcoin, integrating with Stacks has been instrumental in accelerating interest and adoption from the mainstream market.”
To settle the transactions on the Bitcoin blockchain, the company uses the Stacks Network (STX). To associate the physical object’s origin, location, and authentication, it uses Clarity smart contracts.
The CEO of Hiro and Founder of Stacks, Dr. Muneeb Ali, commented: “Even though NFTs originate from the Bitcoin blockchain, they are often ignored in favor of Ethereum NFTs.”
Yet digital currency NFTs like Crash Punks and Phases of Satoshi present a huge opportunity for Bitcoiners to express themselves.
