NFT marketplace Tabi raises $10 million

Tabi, a marketplace of non-fungible tokens built in the BNB Chain ecosystem, has raised $10 million. This is according to Cointelegraph.

Among the investors are venture outfits Animoca Brands, Binance Labs, Draper Dragon, Hashkey Capital, Infinity Crypto Ventures and Youbi Capital, as well as a number of angel investors, including Bo Feng of Dragonfly Capital, the Riyad AD firm from Saudi Arabia and Suji Yan of Mask Network.

According to the developers, the funds will be used to develop the Tabi ecosystem and to create a new network identification protocol.

Beyond standard NFT features, the marketplace includes an ‘experience points’ system that converts user activity into bonus points. There is also a so-called gaming platform, where all the entertainment elements of the marketplace are gathered.

Founder Xavier Li said he plans to launch an incubation NFT fund to incentivize developers to build their products and brands on the BNB Chain.

Li also pledged to launch a rewards system for artists who have participated in the project since its inception in 2021.

In May, Digital Bitcoin Art and Assets запустила a beta version of the ‘first marketplace’ for Bitcoin-NFTs based on RGB smart contracts.

Binance later added a function for lending cryptocurrencies collateralised by NFTs on its NFT marketplace. The collateral includes digital assets from the Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki and Doodles.