SkyArk Chronicles NFT Mint Raises $115 Million, Binance Labs Clarifies Investment
SkyArk Chronicles, an anime-style fantasy game, recently conducted a massive NFT mint where collectors pledged $115 million worth of Ethereum for a chance to claim character assets. However, Binance Labs, the venture capital arm of the crypto exchange, has clarified that its investment in the studio behind the game was misrepresented. Binance Labs stated that it had invested in SkyArk Studio as part of its incubation program in 2021 and not in a recent funding round as previously announced. The firm accused SkyArk Studio of violating its investment contract by using Binance Labs’ branding without permission. Binance Labs shared screenshots of the investment contract and Telegram conversations as evidence.
Public Clarification and Apology
Binance Labs made a public clarification after realizing that SkyArk Studio had only deleted a tweet without providing accurate information. The misleading announcement continued to circulate even after the tweet was removed. SkyArk Studio apologized for the miscommunication and appreciated the clarification from Binance Labs. Kelvin Chua, co-founder of the studio, expressed gratitude towards communities and investors, including Binance Labs. The studio later posted on Discord to clarify that they had conducted only one round of Web3 fundraising amounting to $15 million in 2021, with Binance remaining their largest investor.
Refund Process Initiated
SkyArk Studio began the refund process for the NFT mint, allowing traders to recover their Ethereum if they did not secure one of the 8,000 minting slots. Users have 60 days to claim a refund according to a tweet from the studio. The game is based on a fantasy hero named Satoshi Nakamoto but does not heavily incorporate Bitcoin lore or terminology. It tells the story of Satoshi creating the SkyArkVerse to bring peace back to the world. The game is built partially on Binance’s BNB Chain, but the latest NFT batch was minted on Ethereum.
Hot Take: Misrepresentation and Clarification Shake SkyArk Chronicles’ NFT Mint
The recent NFT mint for SkyArk Chronicles faced controversy as Binance Labs clarified its investment in the studio behind the game. The crypto exchange’s venture capital arm accused SkyArk Studio of misrepresenting their involvement in a recent funding round. Binance Labs revealed that its investment took place in 2021 as part of its incubation program. Screenshots of the investment contract and Telegram conversations were provided as evidence. While SkyArk Studio apologized and clarified the misunderstanding, questions remain about the initial announcement and its impact on investors and followers. The refund process has been initiated for traders who did not secure an NFT slot.
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