Fractional’s NFT fractionation platform has changed its name to Tessera. The company also announced the closing of its $20 million Series A funding round.

We are entering a revolutionary new phase of NFTs and we are excited to announce a new name, powered by the close of our Series A!

Fractional now Tessera reflects our ambitious vision of owning and co-managing NFTs 💪💪https://t.co/FRhwnIICVj

— Tessera (@tessera) 17 August 2022

The platform allows users to own shares in NFTs. For example, the PleasrDAO project used their service, which splits the Dogecoin meme-cryptocurrency symbol in the form of an unchangeable token for 17 billion DOG.

Since its launch in 2021, Fractional has made it possible for 70,000 people to collectively own more than 6,500 NFTs, according to the statement.

The platform’s funding round was led by Paradigm. Participants include Focus Labs, Uniswap Labs Ventures, E Girl Capital, Yunt Capital and more than 50 business angels.

Regarding the rebranding, Andy Chorlian, Tessera’s co-founder and CEO, said in a comment to Decrypt that the old name “isn’t in the minds of users” despite being obvious.

For him, this is not just a name change, but a new approach to the collective ownership of digital collections. In the new iteration of the protocol, the platform aims to offer the shares in the form of NFTs.

“One of the biggest things for us is to really try to satisfy our collector and user base, and now these groups will all be NFTs themselves. It will be a much more normal interaction than they expected,” Chorlian said.

Recall that in July, NFT trading volume on the secondary market fell 26% month on month to $647.2 million.

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