Crunchy, a popular DeFi development team on Tezos XTZ/USD, announced the development of the blockchain network’s first decentralized fractional NFT platform, sliced.art.
A writer for Tezos Commons posted an explanation on Medium, which extolled the virtues of the fractional NFT: “Each segment represents an ownership percentage of that NFT. This process allows an individual to hold ‘shares’ in the same NFT alongside many others.”
Tezos Commons said fractional NFTs allowed smaller investors to buy into the market and liquidity was added with more NFT purchase options for a wider audience.
Tezos wrote that fractionalized NFTs will be tradeable on secondary marketplaces.
The aptly named sliced.art marketplace offered a tool for “slicing” up NFTs.
It is also the first decentralized fractional NFT platform on Tezos. Users will be able to choose what percentage of the NFT they want to slice, and in that way, ensure that they are retaining a majority share and able to set a reserve price to acquire the underlying NFT.
The fractionalized NFTs are also meant to serve as weighted voting in an underlying governance system that makes choices around reserve price.
The sliced.art marketplace will be integrated with OBJKT.com, an existing NFT marketplace on Tezos.
Sliced.art was initially announced in November. Although the new announcement provides many more details, there is no launch date provided and sliced.art has a placeholder in place of its website.
Tezos According to its website, “Tezos is an open-source platform for assets and applications that can evolve by upgrading itself. Stakeholders govern upgrades to the core protocol, including upgrades to the amendment process itself.”