The Long, Cold Crypto Winter Claims Another: Tessera and Escher
Like the cruel, relentless winter that buries even the mightiest oak, the cryptocurrency market is known for its unforgiving nature, sparing neither the weak nor the seemingly strong. Today, it has claimed another victim, as Andy Chorlian, Co-Founder and CEO of the Fractional Token Company, announced the upcoming shutdown of Web3 platforms Tessera and Escher.
The news sent shockwaves through the community in the sphere of cryptocurrencies, Bitcoin, and NFTs. The chill of the crypto winter seemed to penetrate even deeper into the marrow of the industry, casting long shadows over the bright promise of Web3 and fractional ownership.
Tessera and Escher: Giants in the Blizzard
Tessera and Escher, once viewed as stalwart trees in the blustery winds of the crypto industry, have found themselves yielding to the gales of this long crypto winter. Tessera, in particular, was a luminary in the world of fractionalized NFT ownership, introducing fans to the concept of owning a piece of renowned NFTs like Bored Apes or CryptoPunks.
Escher, too, was a rising star in its own right. Launched in March 2023, it offered a unique marketplace where users could discover and appreciate fine art NFTs, all conveniently gathered in one place.
After a lot of deliberation, we have made the incredibly hard decision to wind down all of our operations @tessera and @escherxyz over the next few weeks.
— andy (@andy8052) May 12, 2023
Yet, as the saying goes, even the tallest tree can fall to the might of winter’s storm. The financial realities of running these platforms, as Chorlian pointed out, proved to be an insurmountable obstacle in the face of the targets they needed to hit for profitability.
The Community’s Response: A Collective Sigh in the Blizzard
The crypto winter, as we know it, can be harsh and brutal, but it’s in these moments of struggle that the community often shines brightest. Following the announcement, the wider Web3 community expressed their heartfelt gratitude and sympathy for the Fractional Art team.
In the end, we’re all in this crypto winter together, huddled around the same digital fire, sharing stories of victories and defeats. And while the shutdown of Tessera and Escher may be a defeat in the short term, it’s worth remembering that spring eventually follows even the harshest of winters. The seeds sown by Fractional Art in the world of NFTs and fractionalized ownership will surely sprout in the thaw, leading to new growth in the crypto landscape.
The Crypto Winter: A Season of Lessons
The story of Tessera and Escher is a stark reminder of the volatile and unforgiving nature of the cryptocurrency market. Yet, as we navigate this long crypto winter, it’s important to remember that even in the harshest conditions, life finds a way. The crypto ecosystem, with its Bitcoins and NFTs, continues to evolve, innovate, and adapt.
As we bid adieu to Tessera and Escher, we take with us valuable lessons and a renewed respect for the forces that shape our digital world. The long, cold crypto winter may claim its victims, but in doing so, it shapes the industry into a more resilient, more adaptable form. Like the oak that stands tall after the storm, the crypto industry, too, will weather this winter and emerge stronger when the spring arrives.
