Tessera, launched three new services to its interesting platform, which aims to optimize the community’s experiences with NFTs in new ways. In this NFTexpress article we will explain what they are, what they are for, and how to use them.
Tesserais a project created in 2021 and calls itself a platform, company and community that seeks to usher in digital ownership experiences with historical and culturally significant digital collectibles.
Currently, Tessera has just launched its new website tessera.co as well as two other services and tools such as Tessera Marketplace and Tessera Protocol. This trident of products marks the company’s official debut in the NFT industry after it changed its name from Fractional to Tessera in August 2022.
We will explain what each one is used for, but first let’s learn a little more about them:
Tessera.co: a new platform and web design to obtain collective ownership of NFTs.
Tessera Marketplace: a secondary marketplace for Raes on tessera.co
Tessera Protocol: decentralized smart contract infrastructure for collective ownership and governance of NFTs
Tessera.co
The platform tessera.co will allow people to join and own the world’s most sought-after digital collectibles. At the same time, it will enable users to gain unique ownership and governance experiences through a carefully chosen selection of historical and significant digital pieces in the history of the Internet for the purpose of owning and governing NFTs.
Tessera.co will be launched with the CryptoPunk #4847 auction and 1000 Raes will be available for purchase. In addition, the auction started last December 6 at 12:00 PM ET and the collective ownership of “Vault 1 with CryptoPunk #4847” will be at stake.
How this Auction mechanism works
When a collector transfers an NFT to a Tessera Vault, the smart contract will automatically mint a predetermined number of Raes. A Rae, short for the plural form of Tessera (Tesserae), is a type of NFT that represents the collective ownership and governance of a vaulted NFT.
Raes enable unique experiences for users to recognize, join and participate in different communities and causes that matter to them.
The mechanism of Raes auctions will be conducted as “Dutch last price auctions”. If you don’t know what this type of auction means, I invite you to read our article “The terms most commonly used by NFT users“I made for NFTexpress in October this year.
Tessera Marketplace
To ensure that users have a positive experience when buying or listing their Raes, they also launched the Tessera Marketplace, which consists of a simple, no-fee marketplace for users to buy and sell any type of non-fungible token.
In addition, this tool will initially be launched on tessera.co, which will allow users to buy and list Raes on the secondary market and within each vault. Also, they have confirmed that it will soon be possible to buy and list other types of NFTs on selected NFT market aggregators.
Tessera Protocol
The Tessera protocol is a new public infrastructure tool within the project’s NFT ecosystem. It is composed of interrelated smart contracts that run autonomously on the Ethereum blockchain. In addition, they allow a user to transfer an NFT to a non-custodial smart contract wallet (a Tessera vault) where it is held and maintained in a decentralized manner.
Moreover, the protocol will enable even greater utility for vaulted NFTs, including the coining and distribution of Raes, as well as the reconstruction of vaulted NFTs.
Also, it allows for ownership, collective governance without custodianship and above all, for each community to determine how it can experience the above two characteristics.
An example of how the Tessera Protocol works could be seen with the experiment the platform carried out when it created Nounletsa product that invites users to join in the collective ownership and governance of a Noun. Consequently, it leveraged the decentralized protocol to democratize access to the community of NounsDAO community and allowed the selected delegate to participate in the governance within the Noun ecosystem.
Tessera’s twitter cover
What do the new mechanisms included in Tessera mean?
Vault: a non-custodial smart contract wallet that can lock an NFT or non-fungible token for collective ownership. Subsequently, the creation of auctions for Raes is initiated.
Raes: this definition comes from the plural of Tessera (Tesserae). It is an ERC-1155 NFT representing governance and ownership over domed NFTs.
Dutch auctions: also known as “LPDA”, are currently the main way of distributing Raes at Tessera. This system of auction with decreasing prices is similar to the QQL sale of the Tyler Hobbs Collection.
Buyouts optimistsknown as OB (Optimistic Buyouts), is a new way of offering to buy domed NFTs that aims to encourage users to discover fair prices for non-fungible tokens.
How the first CryptoPunk #4847 auction worked out
While the initial first auction initial auction of the 1,000 Raes from Punk #4847 ended, the zero-fee Tessera Marketplace is now available and makes it possible to buy or sell these Raes, as well as future out-of-stock releases, through secondary sales.
The Raes of Punk #4847 were worth approximately 0.09 ETH each at the time of this writing.
To buy or sell Raes, go to the Vault page of your choice and select one of the options (buy Raes or list Raes). Also, you can click on the “Secondary Market” tab and review the Rae listings to find out the floor price of the Raes.
Finally, if you are interested in storing an NFT, the Tessera team is currently selecting users through a submission formThe Tessera team is currently recruiting users through a “NFT” form, since it is the first version of these tools and its entry is still partial.
All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.