Binance Not Happy With The NFT Game That Made $115 Million For Its Mint
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SkyArk Chronicles, a fantasy game created in the anime style, recently held a huge event where people made and sold NFTs. During this occasion, eager collectors pledged $115 million in Ethereum to possibly own one of the game’s character assets.
However, Binance Labs, a company that invested in the Studio that made the game, cited that the information about their financial assistance should have been more accurate before the event.
Binance Accuses SkyArk Of Contract Breach
Earlier this year, SkyArk Studio said that Binance Labs led a funding round where it gave $15 million to SkyArk Studio. This occurred just before the huge event where the Studio sold many NFTs. However, Binance Labs cleared the misunderstanding and shared on Monday that it invested in SkyArk Studio in 2021, not lately.
Binance Labs alleged that SkyArk Studio broke their contract by not asking before using the company’s branding.
In a lengthy tweet, the company claimed that the Studio breached the rules of their agreement by using the Binance Labs name without asking for permission first.
Binance Labs uploaded screenshots of the contract words they agreed on with SkyArk Studio and screenshots from Telegram, where the company requested SkyArk Studio to delete the misleading information regarding its participation in the recent funding round.
Binance Labs mentioned that it had to clarify things to the public because many people were asking questions. The firm realized the Studio only took down the tweet without explaining the mistakes.
SkyArk Owns Up To Its Mistake
The co-founder of SkyArk Studio, Kelvin Chua, responded to Binance Labs by apologizing for the mistake from the Studio’s incubation program.
Chua mentioned that the successful NFT auction, raising a record amount, was made possible with support from investors and communities, including their initial funding from Binance Labs. He expressed a hope not to inconvenience investors and followers.
The Studio clarified the situation with a Discord post, stating that SkyArk had only done one round of Web3 fundraising, totaling $15 million, starting in Q3 2021.
The organization emphasized that Binance was still the most significant investor. The SkyArk team described the situation as a “misunderstanding” with Binance Labs.
SkyArk Chronicles narrates the tale of a fantasy hero named Satoshi Nakamoto, who shares the same pseudonymous name as the real-world creator of Bitcoin. However, aside from this connection, the game doesn’t heavily incorporate Bitcoin-related themes or terminology.
According to the game’s website, the story begins with the birth of Satoshi Nakamoto in a lonely world. As a God of Creation, Satoshi shapes the SkyArkVerse, a secure realm for intelligent life. Yet, where there is light, darkness emerges. Monsters emerge, wreaking havoc on the SkyLands. Horrified by the invasion, Satoshi must select heroes to fight alongside in restoring peace to the SkyArkVerse.
