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The Portal Masters are powerful beings who protected Skylands and its Core of Light along with the Skylanders in the Skylanders series. It is also the title of the players from Earth (in other words, the person who's playing Skylanders) who take on the role of the Portal Master to control over 30 different Skylanders, including Spyro.
It is the duty of the Portal Master to decide the fate of Skylands. According to a Story Scroll, neither royal blood nor a sea of gold can make anyone a Portal Master. Either they are lucky enough to be born with the power to wield a Portal or they are not. The number of Portal Masters rises and falls over the years, leading some to believe that Portal Masters will simply appear when they're needed the most. The bonds between the Skylanders and their Portal Masters are unbreakable.
The Portal Masters are the wisest and most powerful beings who have been protecting Skylands from The Darkness for centuries. However, the Nightmare King, Nefarion, came to power when the Skylanders of the time were banished. With the Mask of Power in his possession, Nefarion terrorized Skylands for hundreds of years and hunted down the Portal Masters one by one. The Portal Masters were on the brink of extinction, until Nefarion was eventually defeated by one of the last remaining Portal Masters, Wizbit, who froze the Nightmare King in his own castle in eternal winter.
A sinister Portal Master named Kaos wanted to use his evil powers and the Darkness to take over Skylands. After destroying the Core of Light, Kaos banished all the Skylanders from Skylands into our world, turning them into toys, and it's up to the new Portal Master (the player) and the Skylanders to stop him and save Skylands from disaster. Master Eon survived the destruction of the Core of Light, but became a spirit. The new Portal Master was chosen to save Skylands from Kaos.