cryptopolitan.com
TL;DR Breakdown
- Tabi NFT marketplace has generated $10 million in a funding round involving firms and individuals.
- The firm says it will use the funds to elevate its ecosystem.
Tabi, a non-fungible token (NFT) marketplace formerly known as Treasureland, has completed an angel funding round, securing $10m in investments. The funding round was backed by six venture capital firms, including Animoca Brands, Binance Labs, and Youbi Capital. Individual investors included Bo Feng of Dragonfly Capital and Suji Yan of Mask Network among others. The majority of the funds raised will be allocated to the development of Tabi’s gaming ecosystem and the construction of its upcoming on-chain identity protocol.
Firms and individuals back the company’s growth
Tabi is a BNB Chain-based platform that enables users to trade NFTs and participate in launchpads. It also converts on-chain activities into “experience points” which can be used to earn future airdrop rewards.
The platform includes a gaming platform that aggregates blockchain game transactions and entertainment. Tabi founder Xavier Lee has announced plans to launch an NFT incubation fund that would incentivize developers to create their products, art, and brand on the BNB Chain.
The NFT market has gained considerable attention over the past year, with several high-profile sales and investments in NFTs. Binance, the world’s largest cryptocurrency exchange, has increased its operations in the NFT market this year.
Tabi plans to elevate its operations with the funds
In March, Binance’s native NFT AI generator, called “Bicasso,” hit its minting cap of 10,000 in less than three hours after launch. In the same month, the exchange announced it would integrate Polygon support into its NFT marketplace.
Last November, OpenSea, the then-most popular NFT marketplace, announced it would integrate BNB Chain into its platform, allowing users to buy, list, and trade BNB Chain NFTs directly on OpenSea.
Tabi’s successful funding round highlights the growing demand for NFT marketplaces and the potential for significant investment in the sector. The platform’s unique features, such as its gaming ecosystem and NFT incubation fund, differentiate it from other NFT marketplaces and could attract a large user base.
The funds raised will allow Tabi to expand its platform and offer new features and services to its users. As the NFT market continues to grow, more investors and users are likely to turn to platforms like Tabi for NFT trading and investment opportunities.