Episode 77 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro and Tessera co-founder and CEO Andy Chorlian.
Fractional — a crypto startup whose tech allows individual non-fungible tokens (NFTs) to be locked in a smart contract, and then 'fractionalized' into fungible digital pieces — is changing its name to 'Tessera.'
In addition to the name change, Tessera announced they closed a $20 million Series A earlier this summer in a funding round led by Paradigm.
In this episode of The Scoop, Tessera co-founder and CEO Andy Chorlian explains how fractionalized NFTs foster new digital communities, and why 'Tessera' is a more suitable name for the direction of the platform.
According to Chorlian, Tessera is helping new communities form by taking 'blue-chip' NFTs that could cost tens or hundreds of thousands of dollars, and making them more accessible to the average collector:
"It's really just reshaping what it is that's exciting about a particular NFT or owning that NFT — generally more so in like the collecting things that you love and meeting other like minded people and being in interesting communities."
The team decided to move away from 'Fractional' — a name that "sounds like a DeFi protocol," according to Chorlian — in favor of 'Tessera' because of the word's dual meaning and resonance with the vision for the platform:
"It is the name of a tile used to create mosaic artwork, and the other use… is the idea of a membership pass or an identity card, and that really hit two of the main things that we think our product and NFTs in general are cool and exciting for."
During this episode, Chaparro and Chorlian also discuss:
- How NFT market cycles relate to the broader crypto market
- The difference between NFT collecting and speculating
- Why NFTs will continue to gain utility over time
This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen
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About IWC Schaffhausen
IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com
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