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Binance Labs has led a $15 million funding round for SkyArk Studio, further solidifying their partnership. The funding, which also saw participation from 40 investors including notable names like Bryan Pellegrino and Darryl Wang, is a significant step for the SocialFi gaming experience, SkyArkVerse. The team is building SkyArk Chronicles, a Play-to-Own and Free-to-Play blockchain game that allows players to own or trade in-game assets.
Previously included in Binance Labs' incubation program in 2021, SkyArk Studio, led by co-founder Kelvin Chua, views this ongoing collaboration as integral to their mission to "revolutionize NFT gaming." Selected to represent Singapore in Binance Labs' third-season incubator program, SkyArk Studio is actively working on multiple game titles as part of its initiative to build a gaming ecosystem in Singapore.
This investment aligns with Binance Labs' broader strategy to enhance its gaming offerings. The establishment of a network of side chains is underway, contributing to the development of a robust GameFi ecosystem. Despite Binance's global dominance, its blockchain gaming ecosystem faces competition from industry counterparts like Oasys, Immutable, Solana, and Polygon. Over the past year, Binance has shown consistent efforts to fortify its position in the gaming sector, including a $15 million commitment to Xetrio in July 2023.
This funding round signifies a practical move by Binance Labs to strengthen its gaming influence, fostering accelerated growth for SkyArk Studio's SkyArkVerse and advancing Binance's objectives in the expanding GameFi ecosystem.
