Troika IO is a media, entertainment and brand consultancy platform that offers crypto products and services for global brands using Bitcoin, non-fungible tokens (NFTs) and other digital assets. We are the digital assets arm of Troika Media Group (NASDAQ:TRKA). This 10-step guide will explain the simple steps to launching an NFT art collection with Troika.
In July 2021, NFTs sales topped $1.2 billion, thanks to NFT projects such as CryptoPunks, Bored Apes, Ether Rocks and Axie Infinity. But given that issues such as authenticity, traceability and sustainability are common goals to all luxury brands, it made sense for us to start building NFTs that could address these problems, rather than focus on fun and games.
Examples of fraud are everywhere. Fake goods now account for more than 3% of all global trade, and that number is as high as 22% in footwear. As depicted in the true-crime documentary Sour Grapes, Rudy Kurniawan was an Indonesian wine collector who was accused of selling over $35 million worth of counterfeit wines in 2006.
Most NFT projects are built on Ethereum, but there are ways to build NFTs on Bitcoin and other blockchains. NFTs can come in the form of merch, deeds, cards, tickets, passes, ledgers, artwork, and so much more. Different chains might be appropriate depending on the use case for the token.
This article is a roadmap for how brands can work with Troika IO and transform their business using cryptocurrencies. Our white-labeled NFT platform lets brands create custom storefronts and dynamic, gamified experiences using NFTs and smart contracts at a fraction of the cost of building in-house.
1. Follow NFT news
Download the NFT 360 mobile app for iPhone and follow the Redeeem newsletter for daily crypto news and industry updates. If you haven't already, buy some Bitcoin and Ethereum using a popular crypto exchange in your country. Without a little coin, you won't be going very far in the metaverse.
2. Ask for NFT case studies
Email us at email@example.com and tell us about your business, and we will schedule an intro call and send you a few NFT collections that might be relevant to you. You can learn more about our clients, as many speak for themselves.
Earlier this year, Troika teamed up with Dole Sunshine Company and the "Hungry Artist" David Datuna to launch a five-part NFT series to fight food insecurity on World Hunger Day. Watch below to learn more.
3. Schedule a brainstorm
Schedule a free 60-minute brainstorm with our Troika team to understand your objectives, discuss NFT themes, and answer silly questions. We can talk about sports, stablecoins, DAOs, or even Chuck E Cheese tokens.
4. Request a quote
We will email a quote for the NFT project, including artwork and gas fees, and get started on the minting process. Average turnaround time is 2 weeks, but may take longer depending on the complexity.
5. Create the brand
We can start by creating your brand on Redeeem as a sandbox, where we can quietly test the demand for asset-backed tokens like gift cards, vouchers and e-gifts. Users from anywhere in the world can buy your products using bitcoin, ether, litecoin and stablecoins (optional).
6. Deliver to custody
Decide on the physical items that you want to store in custody, and we will scan them into our inventory within our vaults. If you item is digital, you will need to print the physical deed or certificate to represent ownership, which is important for security and compliance reasons. Digital items can be stored on a physical hard drive or piece of paper to prove custody.
7. Schedule a shoot
Schedule an artwork appointment and we will send an experienced fashion product photographer or another trained creative professional with fashion school experience to photograph/3D scan your item in one of our convenient locations in Los Angeles, New York or Austin. We typically scan high-end luxury goods (bags, shoes, clothing, watches, etc.) and other collectibles and memorabilia, but we are always open to new challenges.
8. Pick a charity
One of the best aspects of NFT drops is giving back to charity. Pick from a growing list of crypto-enabled charities and donate a percentage of proceeds from every NFT transaction to the recipient of your choice. We will guide you how to manage your wallet and safely donate crypto earnings to nonprofits to maximize the social impact of the projects.
9. Mint the contracts
Once the item has been serialized in the secure vault location, the 360 artwork is complete, and you've chosen a charity and donation rate, the item can be minted into a smart contract. It costs somewhere between $50 to $150 to mint each NFT, including network and gas fees. Attestation reports will be performed monthly on the goods to maintain a proper peg with the tokens.
10. Drop the goods
We will work with you to host an event to launch the NFT collection in physical and/or digital spaces over a 30-60 day period. On September 25, for example, Troika and Umba Daima will team up to launch a Black NFT Art Gallery in Atlanta to celebrate Black and African artists, and we are able to attract some well-known sponsors in the Atlanta area.
If necessary, we will call upon Troika/Mission to throw a bigger launch event, if the NFT warrants the attention. To get started, get in touch on Troika IO website or email us at firstname.lastname@example.org with details about your project.
We'd love to meet your team.