Troika Media stock rises 6% premarket on launch of luxury brand Bitcoin NFTs

Troika Media (NASDAQ:TRKA) stock jumped 6% premarket after its unit Troika IO became the first publicly-traded firm to use the Bitcoin ledger to secure its NFTs backed by luxury brands. 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. Redeeem NFT accepts payment options like credit/debit cards, giftcards, ACH payments and wire transfers.