SkyArk Studio Receives $15 Million in Funding from Binance Labs to Expand Blockchain Games SkyArk Chronicles
Posted: January 12, 2024 8:46 AM Updated: January 12, 2024 8:46 AM
Correction and fact check date: January 12, 2024, 8:46 AM
briefly
SkyArk Studio has closed a $15 million funding round to develop the company’s revenue-generating project SkyArk Chronicles.
Singapore-based blockchain AAA game studio SkyArk Studio today announced a $15 million funding round led by Binance Labs, VividThree, GuildFi, Jambo, BreederDAO, and Cryptomeria Capital, with co-participation from LayerZero CEO Bryan Pellegrino and Tangent Ventures. Announced successful completion. Founder Wangarian and Story Protocol CEO SY Lee.
The funds raised will be allocated to the development of SkyArk Chronicles, the company’s blockchain gaming project.
SkyArk Chronicles is a highly anticipated GameFi project from last summer. Rooted in Japanese animation concepts, it has emerged as a leading game series within a global framework devised by Satoshi, the creator of Bitcoin.
The project adopts the play-to-earn gaming concept, allowing players to earn cash through non-fungible tokens (NFTs) and cryptocurrencies. However, unlike the traditional play-to-earn model, this helps players earn rewards during gameplay instead of focusing primarily on generating income.
Founded in 2020 by former financial analyst Chris Ng, the company received support from Binance, which specifically chose SkyArk Studio to represent Singapore among more than 1000 applicants for Season 3 of the incubator. Binance Labs has been supporting SkyArk since 2022.
Likewise, venture capital firm Cryptomeria Capital is an active investor and prominent supporter of SkyArk Chronicles.
“SkyArk Chronicles is demonstrating the innovative potential of the industry’s innovative combination of AAA gaming and blockchain technology, and we are excited to participate in its latest funding round. As active supporters of this promising sector, we eagerly look forward to the success of SkyArk Chronicles in revolutionizing the web3 gaming landscape,” said Vadim Krekotin, founding partner of Cryptomeria Capital.
SkyArk Chronicles redefines the NFT gaming experience
SkyArk Chronicle’s play-and-earn model provides players with unique NFT collectibles, ensuring that each hero and character collected is distinct and individually numbered.
This increases the value of acquired NFTs, creating diverse collections. The decision to convert in-game heroes and characters into NFTs was made when Ng and his team recognized the simplicity of the process. This innovative approach is a significant source of income, especially beneficial to the artists involved.
Get ready for some new details for the next drop!
Stay tuned for exciting content that will make that happen. $SAC The rewards are even more attractive! pic.twitter.com/Q0fmxvUhbH
— Skyark Chronicles (@SkyarkS) December 2, 2023
Leveraging existing game art and assets to create NFTs increases the efficiency of the process, highlighting SkyArk’s strategic blend of gaming and blockchain technologies for both player enjoyment and economic opportunity.
With the new investment, SkyArk Studio will advance development of the SkyArk Chronicles project, which is redefining the dynamic landscape of blockchain gaming.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through writing about VCs, notable cryptocurrency projects, and participating in science writing.
more articles