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TL;DR Breakdown
- Tabi, an NFT marketplace previously known as Treasureland, raised $10 million in an angel funding round.
- Multiple venture capital firms and individual investors participated, including Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, Youbi Capital, Bo Feng, Riyad AD, and Suji Yan.
- The funding will be primarily used to develop Tabi's gaming ecosystem and to construct its upcoming on-chain identity protocol.
In an announcement made on May 10th, Tabi, an emergent player in the world of nonfungible token (NFT) marketplaces, formerly known as Treasureland, reported the successful procurement of a significant $10 million in a recent angel funding round.
The news marks a substantial milestone in Tabi’s journey as it continues to navigate the exciting landscape of blockchain technology.
Tabi gets a hearty injection of capital
This funding round saw contributions from renowned venture capital firms such as Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, and Youbi Capital.
Personal investors also made a splash, including individuals such as Bo Feng from Dragonfly Capital, Riyad AD of Saudi Arabia, and Suji Yan of Mask Network.
This fresh inflow of resources is targeted primarily toward the enhancement and development of Tabi’s unique gaming ecosystem. Additionally, the funds will also be used to establish its impending on-chain identity protocol.
Tabi offers more than just a marketplace for NFTs. It has ingeniously incorporated a feature that turns users’ on-chain activities into ‘experience points.’ These points can be swapped for future airdrop rewards and earnings, effectively gamifying the user experience in the blockchain space.
The platform also boasts an integrated gaming platform, consolidating blockchain game transactions and providing a hub for blockchain-based entertainment.
According to Xavier Lee, the founder of Tabi, the platform plans to initiate an “NFT incubation fund.” The fund is designed to stimulate and motivate developers to create their products, art, and brand on the BNB Chain, fostering an atmosphere of creativity and innovation.
This is a noteworthy element in Tabi’s strategy, further expanding the reach and utility of the BNB Chain in the world of NFTs.
Established in 2021, Tabi hasn’t forgotten its early supporters and has announced a reward plan, coinciding with the funding announcement. The plan is a testament to Tabi’s commitment to its community and its desire to ensure that its early backers are suitably rewarded.
Binance and the blossoming NFT market
It’s worth noting that Binance has escalated its operations in the NFT sector this year. In early March, the company’s native NFT AI generator, fittingly named “Bicasso,” reached its minting cap of 10,000 in less than three hours post-launch.
Shortly after, Binance declared it would incorporate Polygon support into its own NFT marketplace, further illustrating its commitment to this burgeoning sector.
Furthermore, OpenSea, recognized as the most popular NFT marketplace at the time last November, announced its intention to incorporate BNB Chain into its marketplace, offering users the ability to purchase, list, and trade BNB Chain NFTs directly on the OpenSea platform.
The recent funding announcement marks a pivotal moment for Tabi as it continues to shape and grow within the dynamic world of NFTs.
With a unique approach to user engagement, commitment to innovation, and strategic application of newly acquired funding, Tabi stands poised to make a significant impact in the NFT marketplace.