Andy Chorian, co-founder of NFT fragmentation protocol Tessera and NFT trading floor Escher, has announced that after much deliberation, he will be closing the platform. Andy said it was a difficult decision to make, but that all operations will be completed in the coming weeks. Tweet.
The news of Tessera’s closure comes a year after it rebranded from its original name Fractional and raised $20 million in funding. Andy said the team is analyzing possible market scenarios, company structure and financial situation.
Escher is one of the projects in Tessera’s portfolio, the co-founder said, but it didn’t fit the economic model for profitability. “A thorough dig into Escher’s economic model shows that the goals that need to be achieved in order to be profitable don’t quite match the cost of time and resources to scale there, or It turns out it doesn’t make business sense.”
After consideration, the team came to the decision that ending the activity was the best choice for them and the investors. He added, “We wanted to do this responsibly and make this decision while we still had the financial situation to ensure that our employees would be supported during this difficult transition period. ‘ he said.
Tessera was founded in 2021 by Andy Krajnik and Nejc Krajnik and has served for about two years. Andy said it was challenging and exciting to take on the role during that time. “As a first-time founder, I am very sorry for all the mistakes I made in the last few years,” he said.
When asked by a user how he plans to adjust the parallel binder, Andy said that information about the binder and its products will be shared in the coming weeks, but all goes well. He said he was more worried about it.
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