Tabi, an NFT marketplace focused on the BNB Chain, has raised $10 million in an angel round led by Animoca Brands. The round was joined by Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures, Youbi Capital, and angel investors Fengbo (Dragonfly Capital), Riyad AD (Saudi Arabia), and Suji Yan (Mask Network).
According to a blog post announcing the funding, the freshly raised capital will be used to build the Tabi Launchpad, game-play ecosystem, and on-chain identity protocols.
The NFT marketplace rebranded from Treasureland to Tabi this month. Explaining its decision to focus on Binance’s layer-1 blockchain, Tabi said that BNB Chain offers “premium transaction speeds, cost-efficient fees, a robust DeFi infrastructure, and compatibility with the Ethereum Virtual Machine (EVM),” which makes it easy for web3 apps to reach web2 users.
It also cites BNB Chain’s “large and expanding user base, vibrant community, and strong ecosystem of projects” as other factors that can onboard web2 users to web3.
Tabi is gearing up for its upcoming beta release, comprising a marketplace, a launchpad, and an on-chain identity protocol. The marketplace will allow users to buy or sell NFTs at specific prices and times, while the launchpad will enable creators and builders to develop and release NFTs.
In addition to the marketplace and launchpad, Tabi will also offer NFT collectors and traders a unique on-chain identity protocol that will be able to turn users’ on-chain behavior into experience points that can be redeemed for future rewards and benefits.
According to Tabi founder Xavier Lee, other plans for Tabi include a gaming ecosystem and an NFT incubation fund to encourage more creators and builders to launch on the Binance Smart Chain.
Even though BNB Chain is only the seventh largest blockchain by NFT sales volume over the last 24 hours, according to CryptoSlam, Binance has been making efforts to beef up its NFT ecosystem.
Binance’s NFT marketplace has added support for Ethereum and Polygon and recently integrated Bitcoin Ordinals. Last week, Binance unveiled its NFT lending program for Ethereum NFTs.
Read more:
What is Binance Coin (BNB), and how does it work? (2023)
Metaverse Fundraising Report for February: Trends in Gaming, Environment, Messaging
The emergence of BNB as a global DeFi Infrastructure (2023)
A beginner’s guide to the BNB Chain: The evolution of the Binance Smart Chain (2023)
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