Fractional, a Non-Fungible Token (NFT) based platform, has rebranded its name to Tessera and raised $20 million as it is pursuing avenues to re-affirm its foothold in the digital collectable world.
Tessera, as the startup is now renamed, said the funding round was led by Paradigm, with participation from Focus Labs, Uniswap Labs Ventures, E Girl Capital, and Yunt Capital. Additionally, the funding round was backed by about 50 Angel Investors, the majority of whom have deep expertise in the Decentralized Finance (DeFi) and NFT worlds.
As highlighted by Tessera founder and CEO Andy Chorlian, these angel investors will be very instrumental in giving the right feedback and suggestions to improve the protocol.
Tessera’s business model primarily revolves around the splitting of NFTs such that users can earn a royalty on the parts they give out for rent. There are many use cases attached to this, but in all, it prevents users from parting ways with their digital collectable prematurely.
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