Fractional, a technology that facilitates community ownership and control of non-fungible tokens (NFTs), is rebranded as Tessera and reveals a $20 million fundraising round headed by crypto-native investing giant Paradigm that concluded this summer.
NFTs are digital assets that incorporate ownership evidence, such as photographs or music. While tokens are single by definition, fractional NFT ownership is feasible when an asset is locked into a decentralised network and subsequently divided into many fungible tokens.
By reducing costs and dangers, fractional NFT ownership enables bragging rights and loan collateral for pricey or highly coveted items.
The Fractional (now Tessera) team noted in a Medium article that NFTs are redefining how people connect, develop community, and understand government, so we’re shifting, too — from a primary smart contract to full-blown NFT infrastructure to enable the future of shared ownership.
Fractional Changes Name to Tessera. Image: Tessera
In the Series A fundraising round, other investors included Focus Labs, Uniswap Labs Ventures, eGirl Capital, and Yunt Capital.
Last year, Paradigm announced a then-record-breaking $2.5 billion crypto-focused venture capital fund. In May, Andreessen Horowitz launched a $4.5 billion investment vehicle, reclaiming the crown.