Consumer awareness and demand are great ways to build a market… and the Global Non-Fungible Token (NFT) market, has seen both those momentum builders growing rapidly over the last year… and are expected to do so through 2030 according to Proficient Market Insights, who said: “NFTs are cryptographic assets on the blockchain which include unique identification codes and metadata that identify them from one another. They cannot be traded or exchanged for equivalency.
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Because of the rapidly advancing digital economy, rising consumer awareness of crypto currencies, blockchain technology, and NFT, and the rising trend of owning true, original, and real possessions such as music audio, movie, video, lyrics, pictures, or portraits, the Non-Fungible Token (NFT) market share is expected to grow rapidly.” A report from Emergen Research projected that the global Non-fungible Token (NFT) market size reached USD 50.10 Billion in 2021 and is expected to register a revenue CAGR of 10.7% during the forecast period. Increasing demand for digital artworks is a key factor expected to drive market revenue growth over the forecast period. Active companies in the market this week include Troika Media Group, Inc., Funko, Inc., Liquid Media Group, Ltd. , Jiayin Group Inc., WISeKey International Holding Ltd.
The report added: “Digital art is defined as art that is created or displayed utilizing digital technology. Non-fungible tokens are valuable to artists because these secure the authenticity and originality of blockchain representations of creative works… Rising awareness of and demand for digital artworks are some key factors expected to drive global non-fungible token market revenue growth in the near future. Digital asset segment accounted for largest revenue share in the global non-fungible token market in 2021 and Digital asset segment is expected to lead in terms of revenue contribution to the global NFT market during the forecast period. (2030). Collectibles segment accounted for largest revenue share in the global non-fungible token market in 2021. The global non-fungible token market is segmented into collectibles, art, gaming, utilities, metaverse, sport, and others based on application. Collectibles segment is expected to lead in terms of revenue share during the forecast period. Collectibles are valuable items that collectors seek and purchase. Collectors can range from traders seeking short-term gains to crypto magnates who like collecting items. Art, music, clips, sports, and games are just a few of the categories.”
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Troika Media Group, Inc. BREAKING NEWS: Troika Media Group’s Subsidiary, Troika IO, Launches Bitcoin NFTs Backed by Luxury Brands Using the Stacks Blockchain – Troika Media Group, Inc. (“TMG” or “Company”), 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 andaltcoins. 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
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