Collective NFT experiences with Tessera 🪟

Dear Bankless Nation,

Sometimes exploring around NFTs can feel like a solo mission in a strange new world.

What we need is better tools to collectively own and govern the internet’s new class of digital collectibles.

One project that’s working on precisely such resources? Tessera.

This week Tessera launched a trio of interesting products that are aimed at streamlining collective NFT experiences in new ways. Let’s get you up to speed on what these rollouts are all about!

-WMP

Collective NFT ownership with Tessera

The tl;dr ❓

Tessera just introduced the new tessera.co website, Tessera Marketplace, and Tessera Protocol. This trio of products marks Tessera’s official debut in the NFT ecosystem after the team rebranded from Fractional, the project’s 1.0 system, in August 2022.

The context 📱

In recent days, the Tessera team has been paving the way for its official launch by publishing explainers for some of the 2.0 mechanisms of the new Tessera Protocol.

These new mechanisms have included:

• 🏛️ Vaults — a non-custodial smart contract wallet that can lockup an NFT or NFTs for collective ownership, the creation of which kickoff auctions for “Raes”
• 🌟 Raes — ERC1155 NFTs that represent governance and ownership over a vaulted NFT or NFTs
• 🛒 Last Price Dutch Auctions — “LPDAs” are currently the main way to distribute Raes on Tessera, a Dutch Auction-style system with decreasing prices similar to Tyler Hobbs’s QQL sale
• 💰 Optimistic Buyouts — a new way to offer to buy vaulted NFTs that emphasizes fair price discovery

How it works 🧱

If you want to take a peek at the new Tessera rollouts, head to tessera.co and sign in with your Ethereum wallet. The homepage will feature the project’s curated NFT Vaults, the first of which is for CryptoPunk #4847.

While the initial auction for Punk #4847’s 1,000 Raes are over, the zero-fee Tessera Marketplace is now live and makes it possible to buy or sell these Raes, and future sold-out releases, via secondary sales. Punk #4847’s Raes were trading around 0.09Ξ each at the time of this post’s writing.

To buy or sell Raes, you’d simply head to your Vault page of choice and select either from the “Buy Raes” or “List Your Raes” options. You can also click on the “Secondary Marketplace” tab to review above-floor Rae listings.

Alternatively, if you’re interested in vaulting one of your NFTs, the Tessera team is curating interesting opportunities via submission form right now, so feel free to contact them if you think you have a good fit.

Why it matters 🫂

Tessera’s mission is to make “owning cool stuff on the internet with other people” easier than ever.

Of course, the web3 collective ownership sector is early and wide open, but with releases Tessera is advancing how groups, and not just individuals, can come together on-chain with new sorts of NFT tools.

People often joke that crypto is “PVP,” a reference to the cutthroat gaming notion of players versus players. As projects like Tessera and its tool continue to gain steam, I think we’ll see a growing emphasis on squadding up and working together through NFTs in contrast.

What to watch 👀

Going forward, the Tessera team plans to continue curating “culturally significant and historic pieces of internet history” for its new Vaults system. That means be on the lookout for new Raes secondary marketplaces to keep popping up around notable NFTs.

Additionally, look for other NFT projects to start plugging into Tessera’s open infra. For example, Tessera co-founder Andy Chorlian just teased that Uniswap’s NFT aggregator system is poised to plug into Tessera Marketplace soon.