Fractional Rebranded, Raised $20 Million
The market-leading NFT fraction platform Fractional has now been renamed Tessera, with the aim of making it easier for users to identify and purchase NFTs.
Many of us would probably have a hard time owning a CryptoPunk, Bored Ape Yacht Club (BAYC) collection, or one of the many other expensive “blue chip” NFT collectibles, but NFT fraction allows us to do it by a fraction of the total wealth.
When it changed its name to Tessera and successfully obtained funding in the Series A round of $20 million, the top platform that enables such transactions, NFT Fractional, began an upgrade to make it easier for customers to access this scope.
The financing was led by the Paradigm fund, with Uniswap Labs Ventures, Focus Labs, eGirl Capital, Yunt Capital, and more than 50 other individual investors participating.
Andy Chorlian, co-founder and CEO of Tessera, admits that the platform’s original name could be misleading. Since “Fractional” is also synonymous with the term fraction, the brand has not yet gained a foothold in the minds of NFT owners. On the other hand, users may confuse Fractional with Fractal – the Twitch co-founder’s an NFT platform built on the Solana blockchain.
The name Tessera has been used for a number of well-known projects. Most notably, the original Dogecoin meme photo on social networks, the inspiration for the DOGE project, was purchased by an NFT collecting DAO named PleasrDAO for $4 million.
Other notable projects that have used Tessera include UkraineDAO, which raised $6.75 million in ETH for the Ukraine relief fund earlier this year, while NFT project Azuki has also used the platform for ideas. community ownership fraction.
Tessera plans to start rolling out its v2 with a test run focused on Nouns, an Ethereum NFT project, before rolling out a larger-scale protocol around October 2022. In addition, Tessera will also explore potential Layer-2 scaling solutions to cut transaction fees.
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