The NFT space has been dominated by the Ethereum blockchain, with the growth of the sector driving growth in Ethereum-based technology. Around every corner is a spinoff of Ether providing a new use case or simply inserting itself into the NFT field. Now, Troika IO ($TRKA@US) is going to be the first publicly-traded company to offer Bitcoin-backed NFTs. As luxury and fashion brands look to get into NFTs, there is a gap in the market that Troika can fill. The new marketplace will be called Redeeem NFT, and it will feature both NFTs and asset-backed NFTs that are physical items users purchase and then see them locked into a vault—similar to the manner in which gold investors purchase gold bullion, bars, or coins and place them in storage. The NFT can be redeemed for the physical item at any time, and the item is delivered via a secured local courier. With Troika sporting Tiffany & Co, Belvedere Vodka, and Unilever as clients, it’s only a matter of time before more unique physical NFTs hit the marketplace. At press time, Troika Media stock was trading at $1.39, up nearly 7% in early trading.