'Fractional' NFT platform completes $7.9 million in seed funding


The Fractional Token Company, also known as Fractional.art or Fractional, has raised $7.9 million in total seed funding.

The company had closed $6.3 million in funding on August 5th, and Robot Ventures provided $500,000 earlier this year, Fractional co-founder Andy Chorlian told The Block, and also contributed to this most recent round. Additional funders include Divergence Ventures, Flamingo DAO, Variant Fund, and Delphi Ventures. Paradigm led the round.

At the center of the project is a concept known as fractional non-fungible tokens. Essentially, it results in the division of NFTs into digital pieces, which can then be distributed or sold as constituent parts of a "whole" NFT. The NFT fractions themselves are fungible ERC-20 tokens that can be transacted or traded on decentralized exchanges or marketplaces, for example.

Fractional intends to use the funds to expand its team, particularly in the smart contract and front-end development spaces, Fractional COO Shant Marootian told The Block. The startup also intends on expanding its business development team and in-house counsel as well. 

The startup currently has 200 curators and 2,500 NFT fraction owners. NFT fractions include that of CryptoPunks, Twin Flames, Meebits, XCOPY, and Bored Ape Yacht Club

Editor's Note: Updated to note that Paradigm led the seed round.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC