These days, there are many more projects and companies popping up to help everyday people get access to NFTs. One of these, Fractional, was founded to allow NFT holders to sell fractions of their NFTs to others while still retaining some ownership of the asset.
Now, Fractional has gone through a bit of a rebrand officially changing its name to Tessera. Along with this name change, the company has secured $20 million in a new funding round led by Paradigm.
While the company’s name has now been changed, its mission of creating greater NFT access remains the same. According to CEO Andy Chorlian, the funds raised will go towards hiring new staff, especially in roles like marketing and engineering.
The company is also working on a new feature that will turn the fractional NFTs being sold into new NFTs themselves. Currently, the fractional pieces can only be turned into ERC-20 tokens. By doing this, Chorlian says, the process can be made simpler for newbies.
“It was a really, really big barrier for a lot of our users, who are just so used to trading NFTs on OpenSea or any of these other marketplaces, [….] trying to explain how all this works was just a step too far for a lot of people,” Chorlian says.
Given how expensive purchasing certain NFTs are, this sort of service is certainly needed for making the market more accessible to all.