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Finance

Crypto Investing Giant Paradigm Leads $20M Round for Fractional NFT Protocol

Fractional, which allows for collective non-fungible token ownership, is rebranding as Tessera.

By Brandy Betz
AccessTimeIconAug 17, 2022 at 6:05 p.m. UTC
Updated May 11, 2023 at 6:49 p.m. UTC
Fractional is rebranding as Tessera. (Yuga Labs)
Fractional is rebranding as Tessera. (Yuga Labs)

Fractional, a protocol that enables collective ownership and governance of non-fungible tokens (NFTs), is rebranding as Tessera, and it also revealed a $20 million funding round led by crypto-native investment giant Paradigm that closed earlier this summer.

  • NFTs are unique digital assets such as images or music that include proof of ownership. While the tokens are singular by definition, fractional NFT ownership is possible when the asset is locked into a decentralized platform and is then split into multiple fungible tokens.
  • Fractional NFT ownership opens up bragging rights and loan collateral for expensive or highly desired assets, reducing both the costs and the risks.
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    • Read more: How Can You Share an NFT? Fractional NFTs Explained

    • “NFTs are transforming how people interact, build community and view governance, so we’re transforming, too – from a simple smart contract to full-blown NFT infrastructure to support the future of collective ownership,” the Fractional (now rebranded as Tessera) team wrote in a Medium post.
    • Other investors in the Series A funding round included Focus Labs, Uniswap Labs Ventures, eGirl Capital and Yunt Capital.
    • Last year, Paradigm launched a then record-breaking $2.5 billion crypto-focused venture capital fund, a title that was stripped in May when Andreessen Horowitz started a $4.5 billion investment vehicle.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Brandy Betz
    Brandy Betz

    Brandy covered crypto-related venture capital deals for CoinDesk.

    Follow @BrandyBetz on Twitter