Tronic, a Web3 startup focused on bringing value to NFTs, unveiled the beta launch of their product known as Utility Engine to empower brands, creators, and holders to provide and fulfill any utility for any NFT on EVM-compatible blockchains. The team also launched a new brand and website to showcase their suite of products.
For years NFTs have been unable to fulfill their promises for utility and create long-term value for the Web3 community. Three challenges have slowed an economic feedback loop: First, there are incentive problems. Creators have been unable to generate revenue beyond primary and secondary sales of NFTs, since minting more NFTs only dilutes current holders. Second, there are functional limitations. Brands have been unable to access NFT markets because the technology hasn’t yet existed to target holders or fulfill utility. Third, there are user limitations. Holders have been unable to quickly and easily create wallets, use the benefits offered by creators, and access interoperable projects.
“We believe our Utility Engine will align incentives and make it easier for Web3 stakeholders to build brands, drive adoption, and enhance utility across the ecosystem,” says Travis McElroy, CEO of Tronic. “Our strong vision for the future of NFTs rests on fixing this broken feedback loop, feeding the flywheel of brand–adoption–utility, and forming a network of other brands, creators, and holders to continue to build the future of the web.”
To date, Tronic’s Utility Engine has empowered delivering utility for innovative projects like Chill Cowboy and True Collective, as well as helping agencies like Artistry Alliance serve their clients by marketing NFT merchandise and marketplaces. Tronic also has other large household names currently in the works to deliver value across the blockchain.
“It’s a really exciting time to be in this space,” according to Jeremy Moore, Tronic’s CTO. “We’re seeing tons of interest and several competitors popping up, which tells us there’s huge demand and traction for what we’re doing, that we’re on the right track. The potential for Utility Engine’s technology is just enormous.”
Common utility for NFT projects include tokengated access, streaming, discounts, voting, allowlist management, airdrops, giveaways, raffles, in-real-life (IRL) and online (URL) event ticketing, in-game utility, and much more. Yet despite much of the hype and promise surrounding NFT technology so far, there’s been little tangible reward for much of the market.
Parker Smith, Tronic’s VP Product, argues that platforms like Utility Engine will prove to unlock that potential. “Once a product comes to market that can solve the core issues surrounding NFTs, it’ll be like opening the floodgates for entirely new opportunities.” He likens this period to the beginning of e-commerce and the liquidity that that technology created. “We believe Utility Engine is that product.”
In addition to Utility Engine and the new brand and website, Tronic is also going to market with checkout and marketplace experiences for Web3 projects, aptly named Checkout 3 and Marketplace 3. See the whole suite of products at Tronic’s website, tronic.app.
To better understand the problem and solution underpinning Utility Engine, read Tronic’s latest white paper and sign up for their beta program.