Dec 6, 2022
… But how the F do Raes actually work?
With the launch of Tessera, we’ve changed a few things… Some cosmetic, some functional — let’s talk about Raes.
We’ll start with the basics.
What is a Vault?
It’s hard to talk about Raes without talking about Vaults. A Vault is a non-custodial smart contract wallet that is part of the Tessera Protocol. Vaults are trustless, permissionless, and decentralized.
No centralized person or group can directly access or control the NFTs in a Tessera Vault, including Tessera. Transferring an NFT to a Vault triggers the countdown to begin an auction for Raes that represents ownership and governance of the Vaulted NFT.
What is a Rae?
A Rae, short for the plural form of Tessera (Tesserae), is a type of NFT that represents collective ownership and governance of a Tessera Vault. In other words, it’s how you own dope shit, together. Raes help us create unique experiences that enable Tessera users to recognize, join, and participate in communities and causes they care about. Visit our blog to learn more about the mechanisms behind Raes and how they enable you to collectively own and govern digital collectibles.
How are Raes created?
Transferring an NFT to a Vault triggers the countdown to an auction of Raes that represent ownership and governance of the Vaulted NFT. Along with this countdown, the Vault mints and temporarily holds Raes. When a Vault successfully sells out, anyone can settle the auction from the Vault page. Once settled, users can claim their Raes and ETH refund(s) if they paid more than the price of the last Rae sold.
What do Raes look like?
The appearance of Raes depends on the underlying NFT transferred into a Vault. At launch, Raes will appear like trading cards. This form highlights their original artwork and key traits.
As we continue the development of tessera.co, we may create new visualizations for Raes.
What can I do with Raes?
Because Raes themselves are digital collectibles, we specifically designed for them to do many of the same things you would do with an NFT!
- Admire 😍 — As Raes are beautifully artistic creations, we encourage you to view them on tessera.co or pretty much anywhere else you’d normally view NFTs.
- Share 💚 — Let your community know about your new Rae on the Bird App.
- PFP 🫡 — We specifically designed Raes to be used as PFPs, so don’t be shy to update your profile picture and flex your new Rae.
- Vibe 💫 — Join our Discord and meet the community of other Rae owners. You will be required to verify your wallet address to gain access to certain token-gated channels specific to your Rae.
- List 🗒 — If and when you’re ready to part with your Rae, we recommend listing it on the Secondary Marketplace tab in the vault page on tessera.co (0% fees!).
- Reconstitute 🤝 — If you’d like to buy the underlying Vaulted NFT, you can submit a buyout proposal. Click here to learn more!
Keep an eye out! We’re always exploring additional ways in which you can get even more utility out of your Raes.
How can I buy Raes?
You can purchase and mint Raes from the Last Price Dutch Auction within the Vault page. If you miss the initial auction, never fear! You can also purchase Raes on Tessera’s Secondary Marketplace on the Vault page.
Buying from a Tessera auction
To get started, navigate to the Vault page of the NFT you’d like to collectively own. You can purchase Raes through a Last Price Dutch Auction by clicking the “Buy Raes” button.
A pop-up will appear asking you how many Raes you’d like to purchase and will display the max price you will pay. Enter the number of Raes you would like to purchase. Click on “Confirm Transaction” when you’re ready.
After you’ve submitted your transaction, you will need to wait for it to be confirmed by the Ethereum network. When we’ve verified the network has confirmed your transaction, you will see the following screen.
Please feel free to share your new Rae on social media even before the auction is settled. After the auction has finished, anyone can settle the auction. Once the auction is settled, users can individually claim their Raes and ETH refund(s) if they paid more than the price of the last Rae sold.
Buying Raes from the Secondary Marketplace
If the Vault auction has already concluded, you can purchase Raes from our Secondary Marketplace.
To do so, go to the desired vault page and click the “Buy Raes” button to the right of the Rae image.
You can scroll down to see Raes listed in the Secondary Marketplace and purchase from there as well.
When you click on the “Buy Raes” button, you will be prompted to enter the amount of Raes you’d like to purchase. By default, the lowest price will be auto-selected from all listings.
After selecting how many Raes you’d like to purchase, click on the “Confirm Transaction” button and follow the prompts.
How can I sell Raes?
We understand that sometimes tragedy strikes and Rae owners decide it’s time to sell their Raes. In fact, the Tessera team actually sheds a bittersweet collective tear with every Secondary Market Rae transaction — we’re sad to see a Rae owner leave, but happy to see a newcomer take their place.
On the desired Vault page, you can list your Raes using the ‘List your Raes’ button to the right of the NFT image.
You can also scroll down to see Raes listed in the “Secondary Marketplace” tab and an additional ‘List your Raes’ button.
After clicking on the “List your Raes” button, we will prompt you for a listing price, the number of Raes you would like to list, and a listing expiration date. When you’ve configured your listing as desired, click on “Confirm Transaction” and follow the prompts.
Delisting your listed Raes
If you’ve changed your mind and want to delist your Raes, navigate to your profile page and click on the “Listed Raes” tab to find your listings.
You can also find your listings on the Vault page’s “Secondary Marketplace” tab.
When you click on the “Remove listing” button, we will prompt you to confirm the transaction. Click on “Confirm Transaction” and follow the prompts.
And that, my friends, is how the F Raes work. Also, we forgot to mention earlier that one of the coolest utilities owning a Rae grants you is the unrelenting itch to explain to others how Raes work… We both apologize and thank you for any of these conversations you have on our behalf.
As always, we got you — if you have any more questions, please feel free to drop into the Discord and ask.
