Binance Labs joins Sleek's seed token round at $50 million valuation

The funding was realized via a simple agreement for future tokens (SAFT), Tania Tse, co-founder at Sleek, told The Block. She declined to comment on valuation, but a source with direct knowledge of the matter said Sleeks valuation with the round is $50 million.Sleek initially started as ChapterX, a no-code metaverse platform, but pivoted to a web3 social network because "the metaverse was still too early for mass adoption," Tse said. We accumulated 20,000 verified users through events and conferences, mostly through word of mouth, with no monetary incentives at all. "The monetization model of fees has proven to work in exchanges and DeFi (trading fees) as well as NFTs (royalties) and can better align incentives between creators and fans through shared financial incentives," the source quoted above said.The marketplace is expected to launch in the first half of next year.Sleek is a multi-chain platform, supporting Ethereum, Polygon, Solana and BNB Chain, Tse said. But the default wallet Sleek creates for each user is on Solana due to low transaction fees, she stated, adding that this way, "users do not have to go create and seed phrases through our platform and can easily onboard to receive airdrop / NFTs at events.