Fractional, a Non-fungible Token (NFTs) platform that allows for collective ownership of priced NFTs, has announced a name change to Tessera. The NFT platform also secured $20 million in a Series A funding round to pursue its visions.
In a blog post on Wednesday announcing the new name, Andy Chorlain, CEO and Founder of Fractional, now Tessera said the change was necessary to make the firm distinguishable and reflect its ambitions.
Tessera’s solutions not only provide community ownership by reducing the entry barrier, but it has enabled the emergence of powerful communities.
The platform has been used by several NFT collecting communities (DAO) to fulfill certain goals. For example, UkraineDAO raised $6.75 million in Ethereum (ETH) used for relief materials for Ukrainians earlier in the year.
Also, PleasrDAO acquired the famous Doge photo for $4 billion, this was later fractionalized into 17 billion DOG tokens for the general public.
Tessera’s $20 million round was led by existing investor Paradigm. Other investors like Uniswap Labs, E Girl Capital, Hunt Capital, Focus Labs, and several other angel Investors also participated in the round.
With the new funds, Tessera will strengthen its 24-man workforce in key areas including development and engineering as well as marketing.
NFTs to represent fractional ownership
Parts of the new funds will also be channeled into speeding up the development of its new product offering. With the launch of its V2 protocol billed for October, users will now get actual NFTs rather than ERC-20 digital tokens used to represent a share of ownership
Furthermore, Tessera will Integrate layer2 scaling solutions to reduce the cost of transactions. The firm’s existing social channels will switch to the new Tessera branding and content in the coming days.
Since its launch in 2021, Tessera has processed over $2 billion in trade volume with over 70,000 using the platform to own 6,500 NFTs.
NFT fractionalization is simply dividing an NFT project into several pieces to be sold individually to several other users.
Fractionalization is an investment option for many creators to get liquidity for their projects without outrightly selling them. This concept also allows users who are not ETH-rich to claim bragging rights to blue Chip NFTs.
This concept improves inclusion and participation in the booming NFT space, with outfits like Fractal amongst those fueling related unique NFT innovations.