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

Fractional, a protocol that enables collective ownership and governance of non-fungible tokens (NFTs), is rebranding as Tessera and 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.

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,” wrote the Fractional (now rebranded as Tessera) team in a Medium post.
  • Along with Paradigm, other investors in the Series A funding included Focus Labs, Uniswap Labs Ventures, E Girl Capital and Yunt Capital, among others.
  • Last year, Paradigm launchd a then record-breaking $2.5 billion crypto-focused venture capital fund, a title that was stripped in May when Andreessen Horowitz debuted a $4.5 billion investment vehicle.