How the $35M Fractal Just Raised Could Rock the NFT Space (Op-Ed)

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The announce­ment came on April 1, but it was no joke. Nei­ther was the amount raised, $35 mil­lion USD, a tidy sum. Justin Kan dropped a hint of what was ahead for Frac­tal last month, tweet­ing, “Yeah, I built Twitch, it has mil­lions of users & gam­ing NFTs are way bigger.”

Ten days before launch­ing the NFT mar­ket­place on Dec 30 last year, Frac­tal announced the launch, and by the time it went live, the Frac­tal Dis­cord had accu­mu­lat­ed some 107,000 fol­low­ers, accord­ing to Kan in an inter­view with GamesBeat.

Paradigm and Multicoin Lead $35M Seed Round

Along with Men­lo Park, Cal­i­for­nia-based Andree­son Horowitz, Solana Ven­tures, Coin­base, Ani­mo­ca Brands, Play Ven­tures, Posi­tion Ven­tures, Zyn­ga founder Mark Pin­cus, Crossover, Shrug Cap­i­tal, Ter­raForm CEO Do Kwon, Tim Fer­riss, and the founders of Ramp along with many oth­ers joined the round.

Kan, how­ev­er, took to Twit­ter to remind stake­hold­ers in the Frac­tal and NFT com­mu­ni­ty, as well as any start-up entre­pre­neurs look­ing on that, “it’s not the size of your seed round it’s what you do with it.” With the cryp­to mar­ket in bloom with echoes of NASDAQ in the late 1990s, it’s an impor­tant admo­ni­tion for both cryp­to-investors and startups.

Here’s what Kan says Frac­tal has in the works with the fresh infu­sion of pri­vate cap­i­tal raised three months from launching:

“Cryp­to nev­er sleeps. We’re build­ing stuff super fast, very prod­uct-dri­ven, it feels like we’re defin­ing how value’s going to be cre­at­ed on the Inter­net again. So if you haven’t been fol­low­ing along, Frac­tal is a mar­ket­place for peo­ple to buy and sell and dis­cov­er gam­ing NFTs. We’ve been hard at work at it for the last three months. It has been going pret­ty well. We’ve been work­ing with a lot of gam­ing part­ners to drop sold out NFT col­lec­tions, and we have a ton more in the pipeline…”

A press release from Frac­tal Fri­day spec­i­fies fur­ther:

“Frac­tal is build­ing a trust lay­er in the web3 gam­ing ecosys­tem. NFT mar­ket­places are still the wild west right now, with many teams fail­ing to deliv­er on their promis­es. We are work­ing with the best AAA gam­ing stu­dios with large com­mu­ni­ties to bring the coolest game expe­ri­ences to players.”

He pre­dicts that over the next decade, blockchain assets will enable a big­ger shift in online gam­ing than the deploy­ment of the Twitch plat­form did. Kan has set a lofty goal of onboard­ing some 100 mil­lion cryp­tocur­ren­cy users by pow­er­ing its NFT mar­ket­place for blockchain-sup­port­ed dig­i­tal gam­ing assets.

Will Solana-powered Fractal Make as Big a Splash in NFTs as OpenSea?

Frac­tal is pow­ered by the Solana blockchain, a third-gen­er­a­tion blockchain that uti­lizes proof of stake (POS) to qual­i­fy nodes to val­i­date and secure actions on the net­work. That allows it a high degree of scal­a­bil­i­ty and the abil­i­ty to han­dle a large vol­ume of trans­ac­tions in a trust­less peer-to-peer (P2P) net­work. Its pro­pri­etary PoS method is dubbed proof of his­to­ry (PoH) by Solana.

Protocol’s Tomio Geron report­ed Fri­day that Solana’s super-fast blockchain plat­form needs a killer app to break out into the main­stream, spec­u­lat­ing Fractal’s NFT mar­ket­place could be that app. The key to suc­cess in this endeav­or is qual­i­ty. VentureBeat’s Dean Taka­hashi report­ed Fri­day that Kan says Frac­tal care­ful­ly vets appli­ca­tions from web3 games, and cur­rent­ly has an accep­tance rate of only 5% of appli­ca­tions for their tokens to mar­ket on its NFT clearinghouse.

Some notable games cur­rent­ly list­ing NFTs on Frac­tal include House of Spar­ta (real-time strat­e­gy), Tiny Colony (mul­ti­mode), Yaku (rac­ing), and Cin­der and Neko­verse (MMO RPG).

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