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Fractional Announces Rebrand, Raises $20 Million – NFT Plaza

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These days, more projects and organizations are popping up to help everyday people get access to NFTs. One of these, Fractional, was established to allow NFT holders to sell fractions of their NFTs to others while still retaining some ownership of the asset.

Now, Fraction has gone through a bit of a rebrand, officially renaming it Tessera. Along with this name change, the company secured $20 million in a new funding round led by Paradigm.

Introduction to Tessera

Although the company’s name has now changed, the mission to create greater NFT access remains the same. According to CEO Andy Chorlian, the funds raised will go towards hiring new staff, particularly in roles such as marketing and engineering.

The company is also working on a new feature that will turn fractional NFTs into new NFTs Currently, the Fractional pieces Can only be converted to ERC-20 tokens. By doing this, Chorlian says, the process can be simplified for beginners.

“This was a really big hurdle for many of our users, who are used to trading NFTs on OpenSea or these other marketplaces. [….] Trying to explain how this all works was too far for many people” said Chorlian.

Considering how expensive certain NFTs are to purchase, this type of service is definitely needed to make the market more accessible to everyone.

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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.



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