SkyArk Chronicles, an anime-style fantasy game, recently held a significant NFT mint where collectors pledged $115 million worth of Ethereum for a chance to claim one of its character assets. However, Binance Labs has now claimed that the studio misrepresented their investment in the lead-up to the mint.
Earlier in the month, SkyArk Studio announced that Binance Labs, the venture capital arm of the crypto exchange, had led its $15 million funding round, which preceded the sizable NFT mint. However, Binance Labs revealed on Twitter that their investment in the studio actually occurred in 2021 as part of an incubation program, and it was not a recent investment round as initially suggested.
In its tweet, Binance Labs accused SkyArk Studio of violating the investment contract by using the Binance Labs branding without permission and asked the studio to remove the misleading framing around their participation in the recent $15 million round. Binance Labs also expressed disappointment in SkyArk’s failure to clarify the misleading announcement promptly after deleting the tweet.
In response, SkyArk Studio publicly apologized for the miscommunication and appreciated the clarification from Binance Labs. The studio’s co-founder, Kelvin Chua, admitted that the confusion could have been avoided and reaffirmed their focus on making SkyArk a success while working hard to achieve their vision.
Furthermore, the studio clarified that Binance remains the largest investor and sought to rectify the misunderstanding with Binance Labs. Additionally, they announced the initiation of the refund process for the NFT mint, enabling traders to recover their Ethereum if they failed to secure one of the 8,000 minting slots.
SkyArk Chronicles is an intriguing game that shares the story of a fantasy hero named Satoshi Nakamoto, coincidentally sharing the pseudonymous name of Bitcoin’s real-world creator. Despite this connection, the game’s narrative does not extensively incorporate Bitcoin lore or terminology.
Moreover, SkyArk Chronicles is built in part on Binance’s BNB Chain, with the latest batch of NFTs being minted on Ethereum. This blend of ecosystems demonstrates the versatility and potential for cross-chain integration in the crypto and NFT industry.
