SNEAK PEEK
- Yuga Labs has sold the intellectual property for HV-MTL and Legends of the Mara to Faraway.
- The move aligns with Yuga’s strategic plan to refocus on core projects.
- Spencer Tucker transitions to Faraway as chief product officer to ensure game continuity.
Yuga Labs, the company behind the renowned NFT collection Bored Ape Yacht Club (BAYC), has sold the intellectual property rights for two of its games. The games, HV-MTL and Legends of the Mara, are now owned by Web3 gaming studio Faraway. This decision aligns with Yuga Labs’ strategy to refocus its efforts. The announcement was made on April 17 via a post on the social media platform X.
We have some exciting news to share. Our friends @Farawaygg are acquiring the HV-MTL and LoTM brands, where they’ll focus on rewarding these communities. To help manage this transition, @EverydayZukini will be joining the Faraway team as the new CPO.
More info in the thread… https://t.co/twXnFsUYG1
— Yuga Labs (@yugalabs) April 17, 2024
HV-MTL, a mech-themed game, allows players to manage and upgrade their non-fungible tokens and environments. Legends of the Mara, an adventure game, integrates with the Otherside metaverse, launched in April 2022. Faraway will now develop both games. Spencer Tucker, former chief gaming officer at Yuga, joins Faraway as chief product officer. His move aims to maintain continuity in the development of these games at Faraway.
Yuga Labs and Faraway have maintained a close relationship. Faraway previously created a game themed around Yuga’s Mutant Ape Yacht Club, titled Serum City. The transfer of the gaming IP to Faraway marks a strategic shift for Yuga Labs, focusing more on its core projects.
The reshuffling at Yuga Labs began when co-founder Greg Solano took over as CEO in February, replacing Daniel Allegre. In a February 22 post on X, Solano expressed the company’s desire for greater focus and agility. He emphasized the goal of unshackling the BAYC team to execute its vision better.
The sale comes at a time when NFTs are seeing a market downturn. The BAYC collection, in particular, has been significantly affected. As of now, the floor price of the BAYC collection stands at 11.7 Ether, equivalent to $35,400. This is a 92% drop from its peak price of 153.7 Ether in May 2022.
Additionally, Yuga Labs faced criticism from the NFT community earlier this year. On January 7, the company announced its acquisition of the controversial Moonbirds collection. Kevin Rose, the creator of Moonbirds, was brought on as an adviser, sparking debates among stakeholders.
This series of moves by Yuga Labs underscores its strategy to streamline operations and reinforce its commitment to its flagship NFT projects, while adjusting to the evolving digital asset landscape.
