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."

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.

Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected].

This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen

About Tron

On August 1st, 2022, Poloniex launched a faster and more stable trading system along with a brand new user interface. Poloniex was founded in January 2014 as a global cryptocurrency trading platform. With its world-class service and security, it received funding in 2019 from renowned investors, including H.E. Justin Sun, Founder of TRON. Poloniex supports spot and margin trading as well as leveraged tokens. Its services are available to users in nearly 100 countries and regions with various languages available. For more information visit Poloniex.com

About Chainalysis

Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.

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