NFT Fractional Fragmentation Platform Rebranded, Raised $20 Million

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2022-08-18 14:35:46

The market leading NFT fragmentation platform Fractional has now been renamed Tessera, with the aim of making it easier for users to identify and purchase NFTs.

NFT Fractional Fragmentation Platform Rebranded, Raised $20 Million

Many of us will probably never own a CryptoPunk BFT, Bored Ape Yacht Club (BAYC) or one of the many other expensive “blue chip” NFT collectibles, but NFT fragmentation allows us to do. get it by a small portion of the total wealth.

And the leading platform that supports such transactions, NFT Fractional, has begun to upgrade to make it easier for users to access this scope when it has changed its name to Tessera and successfully raised capital in the Series A round. worth 20 million USD. The round was led by Paradigm fund, with participation from Uniswap Labs Ventures, Focus Labs, eGirl Capital, Yunt Capital and more than 50 other individual investors.

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 fragmentation, 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 NFT platform built on the Solana blockchain.

In fact, 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.

PleasrDAO then forked this NFT into nearly 17 billion DOG tokens and sold them to the community. At that time, there was a time when the DOG price on SushiSwap’s MISO platform fluctuated around 0.0000035186 WETH (equivalent to 0.013 USD), boosting the value of NFT to more than 225.3 million USD, making it an impact The highest NFT product in history, surpassing its own icon, the “Feisty Doge” painting, was valued at about $ 110 million on August 24.

Other notable projects that have used Tessera include UkraineDAO, which raised $6.75 million in ETH for a Ukraine relief fund earlier this year, while the stormy NFT project Azuki has also used the platform. This platform gives the idea of ​​community ownership fragmentation.

However, 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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