Tessera, a Paradigm-backed NFT ownership platform, is shutting down entirely, effectively laying off all employees. The company, which had raised $20 million in a Series A round led by Paradigm in 2022, made the decision after analyzing market scenarios, its structure, and financial situation. Co-founder Andy Chorlian announced the wind-down on May 12, 2023, stating that targets for profitability for its projects, including the Escher marketplace, did not make business sense. This closure occurs amid a struggling NFT market and follows recent legal charges against Chorlian related to an alleged securities manipulation scheme. The entire team is impacted as operations cease over the coming weeks.
