NFT platform Fractional rebranded to Tessera and raised $20 million

NFT platform Fractional rebranded to Tessera and raised $20 million

Fractional's NFT platform 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 a $20 million Series A funding round.

The platform allows users to own stakes in NFTs. 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.

According to the statement, since its launch in 2021, Fractional has enabled 70,000 people to collectively own more than 6500 NFT.

What is NFT?

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

Regarding the rebranding, Andy Chorlian, co-founder and CEO of Tessera, said in a comment to Decrypt that the former name &#171 ;has not stuck in the minds of users», despite its obviousness.

According to him, this is not just a name change, but also a new approach to the collective ownership of digital collectibles. In the new iteration of the protocol, the platform intends to offer shares in the form of NFT itself.

«One of the important things for us is to try to really satisfy our base collectors and users, and now all these factions will themselves be NFTs. It will be a much more normal interaction than they expected,” Chorlian emphasized. $647.2 million

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