SkyArk Studio Raises $15M Funding from Binance Labs to Expand Blockchain Game SkyArk Chronicles
SkyArk Studio raised $15 million funding led by Binance Labs to expand its play-and-earn blockchain gaming project SkyArk Chronicles.
Singapore-based blockchain AAA gaming studio SkyArk Studio today announced the successful closure of a $15 million financing round, led by Binance Labs, VividThree, GuildFi, Jambo, BreederDAO, Cryptomeria Capital with participation from LayerZero chief executive officer Bryan Pellegrino, Tangent Ventures co-founder Wangarian and Story Protocol chief executive officer SY Lee, among others.
The funds raised will be allocated to the development of the company’s blockchain game project — SkyArk Chronicles.
SkyArk Chronicles is a GameFi project that was highly anticipated since last summer. It is rooted in the Japanese anime concept and emerges as a prominent game series within the world framework conceived by Satoshi, the creator of Bitcoin.
The project embraces play-to-earn gaming concept, enabling players to earn cash through non-fungible tokens (NFTs) and cryptocurrency. However, unlike the traditional play-to-earn model, it facilitates players in earning rewards during gameplay instead of primarily focusing on income generation.
Established in 2020 by former financial analyst Chris Ng, the company has garnered support, notably from Binance, which chose SkyArk Studio to represent Singapore among 1000+ applicants in its Incubator Season 3. Binance Labs has been backing SkyArk since 2022.
Likewise, venture capital firm Cryptomeria Capital stands as an active investor and prominent backer of SkyArk Chronicles.
“SkyArk Chronicles showcases transformative potential through an innovative blend of AAA gaming and blockchain technology within the industry, and we are pleased to participate in the latest funding round. As active supporters of this promising sector, we eagerly anticipate the success of SkyArk Chronicles in revolutionizing the web3 gaming landscape,” said Vadim Krekotin, Founding Partner at Cryptomeria Capital.
SkyArk Chronicles to Redefine NFT Gaming Experience
SkyArk Chronicle’s play-and-earn model offers players unique NFT collectibles, ensuring each hero and character collected is distinct and individually numbered.
This enhances the acquired NFTs’ value, creating a diverse collection. The decision to convert in-game heroes and characters into NFTs arose when Ng and his team recognized the simplicity of the process. This innovative approach serves as a substantial income source, particularly benefiting the artists involved.
The utilization of pre-existing game art and assets for NFT creation adds efficiency to the process, highlighting SkyArk’s strategic blend of gaming and blockchain technology for both player enjoyment and economic opportunities.
With the new investment, SkyArk Studio is set to advance the development of its project, SkyArk Chronicles, redefining the dynamic landscape of blockchain gaming.
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