April 1, 2023

NFT platform Fractional rebranded to Tessera and raised $20 million

NFT platform Fractional rebranded to Tessera and raised $20 million

Fractional's NFT fractionation platform has changed its name to Tessera. The company also announced the closing of the round Series A funding of $20 million.

The platform allows users to own shares inNFT. For example, the PleasrDAO project used its services, which split the Dogecoin meme-cryptocurrency symbol in the form of a non-fungible token for 17 billion DOG.

Since its launch in 2021, Fractional has made it possible for 70,000 people to collectively own over 6,500 NFTs, according to the statement.

What is NFT?

The platform's funding round was led by Paradigm. Participants include Focus Labs, Uniswap Labs Ventures, E Girl Capital, Yunt Capital and over 50 business angels.

Regarding the rebranding, Andy Chorlian, co-founder and CEO of Tessera, said in a comment to Decrypt that the former name "has not stuck in the minds of users", despite its obviousness.

According to him, it's not just about changing the name,but also a new approach to the collective ownership of digital collectibles. In the new iteration of the protocol, the platform intends to offer stakes in the form of NFTs themselves.

“One of the important things for us is to tryto really satisfy our collector and user base, and now all of these factions will themselves be NFTs. It will be a much more normal interaction than they expected,” Chorlian said.

Recall that in July the trading volume of NFTs in the secondary market fell by 26% compared to the previous month, to $647.2 million.

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