Notable venture capital firms such as Animoca Brands and Binance Labs took part in the funding round.
Tabi, the nonfungible token marketplace previously as Treasureland, has completed a $10 million angel funding round, the BNB Chain-based platform announced on May 10.
The funding was seeded by venture capital firms Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures and Youbi Capital. Individual investors include Bo Feng of Dragonfly Capital, Riyad AD of Saudi Arabia, and Suji Yan of Mask Network. According to developers, the funds will be primarily used to develop Tabi’s gaming ecosystem and construct its upcoming on-chain identity protocol.
Aside from its NFT trading and launchpad features, Tabi converts users’ on-chain activities into “experience points,” which can be exchanged for future airdrop rewards and earnings. The protocol also contains a gaming platform that aggregates blockchain game transactions and entertainment.
In addition, Tabi founder Xavier Lee said the project plans to launch an “NFT incubation fund” that would incentivize developers to design their products, arts, and brand on the BNB Chain. The project was established in 2021. To reward its early supporters, Tabi says it is launching a “reward plan” on the same day of the funding announcement.
Binance has increased its NFTs-related operations this year. On March 2, the cryptocurrency exchange’s native NFT AI generator, dubbed “Bicasso,” hit its minting cap of 10,000 less than three hours after launch. On March 8, Binance announced it would integrate Polygon (MATIC) support into its NFT marketplace.
You can turn your creative visions into NFTs with AI. Give it a try and show me what you make with it.
Beta version live now, limited to 10k mints.
— CZ Binance (@cz_binance) March 1, 2023
Last November, OpenSea, the then-most popular NFT marketplace at the time, said it would integrate BNB Chain into its marketplace. The move would allow users to buy, list, and trade BNB Chain NFTs directly on OpenSea.