Home News Web3 Platforms Tessera and Escher to Wind Down Operations

Web3 Platforms Tessera and Escher to Wind Down Operations

by Michael Nicholas
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Tessera and Escher to Wind Down Operations

In a surprising move, Web3 platforms Tessera and Escher recently declared their intent to discontinue operations. Andy Chorlian, Co-Founder and CEO of the Fractional Token Company, announced the decision via a Twitter post. The announcement came amidst a challenging period in the crypto industry, often referred to as the “crypto winter.”

The Unique Propositions of Tessera and Escher

Tessera and Escher carved unique niches within the Web3 and NFT space. Tessera offered fans an opportunity to possess fractional shares of sought-after NFTs, which powered Nounlets, an experimental NFT initiative. On the other hand, Escher provided a platform for artists to sell their works as editioned fine art NFTs, aspiring to be a Web3 aggregator for popular artists.

Chorlian expressed deep gratitude towards their community and assured a responsible wind-down procedure. The decision to cease operations was the result of careful consideration of market conditions, the company’s structure, and financial status. The news sparked a wave of surprise and appreciation within the NFT community for the innovation that Fractional Art brought.

The Legacy of Tessera and Escher

Tessera and Escher left distinct imprints in the NFT world. Tessera not only enabled collective ownership of NFTs but also supported fundraising for social causes. Escher, with its vision of becoming a Web3 aggregator, showcased works of many popular artists, providing them with a unique platform for their art.

Chorlian’s Future in the Space

Despite the shutdown, Chorlian promised his followers that he would remain active in the space. He plans to use this experience to reflect on his journey as a first-time founder. His commitment to the Web3 and NFT community remains strong, signaling that his innovative spirit will continue to thrive.

In summary, the closure of Tessera and Escher marks an end to two unique platforms in the NFT space. As the crypto industry navigates a challenging phase, the community looks forward to seeing what innovations will rise from this “crypto winter.”

Also Read: 73% of Companies Say They Lack Confidence in the Potential Benefits of Web3 Technology

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