The Fractional Token Company, also known as Fractional.art or Fractional, has received a total seed funding of $7.9 million.
On August 5th, the company received $6.3 million in funding. Fractional co-founder Andy Chorlian told us that Robot Ventures provided $500,000 earlier this year and also contributed to the most recent round. Divergence Ventures, Flamingo DAO, Variant Fund, and Delphi Ventures are among the other investors.
A concept known as fractional non-fungible tokens is at the heart of the project. Essentially, it divides NFTs into digital pieces, which can then be distributed or sold as constituent parts of a “whole” NFT. The NFT fractions are fungible ERC-20 tokens that can be transacted or traded on decentralized exchanges or marketplaces.
Fractional COO Shant Marootian told us that the funds will be used to expand its team, particularly in the smart contract and front-end development spaces. The startup also plans to grow its business development team and in-house counsel.
Currently, the startup has 200 curators and 2,500 NFT fraction owners. CryptoPunks, Twin Flames, Meebits, XCOPY, and Bored Ape Yacht Club are all NFT fractions.