Yuga Labs, the entity behind the renowned NFT collection Bored Ape Yacht Club (BAYC), has divested the intellectual property rights for two of its games, HV-MTL and Legends of the Mara, as part of a strategic shift previously outlined to realign the company’s focus.
In a statement posted on X on April 17, Yuga Labs disclosed that Web3 gaming studio Faraway had acquired the IP. Additionally, Spencer Tucker, Yuga Labs’ chief gaming officer, will transition to Faraway as the new chief product officer to ensure continuity across the games under the new management.
HV-MTL is an NFT-centric game centered on mechs, where players oversee the management and advancement of their NFT assets within various local environments. On the other hand, Legends of the Mara is an adventure game integrated into the Otherside metaverse, which was launched on April 30, 2022.
Yuga Labs and Faraway have a history of collaboration, with Faraway previously developing a game based on the Mutant Ape Yacht Club theme, named Serum City.
Yuga Labs’ decision to transfer its gaming IP to Faraway reflects a broader strategy to empower the team, which was articulated when co-founder Greg Solano reassumed leadership as CEO in February this year, succeeding Daniel Allegre.
In a post on X dated February 22, Solano expressed the intention to empower the BAYC team at Yuga for greater focus and agility in executing their vision.
The announcement coincides with a downturn in the NFT market, with BAYC being notably impacted. The floor price of the BAYC collection currently stands at 11.7 Ether (ETH), a substantial decline of 92% from its peak of 153.7 ETH on May 1, 2022.
Yuga Labs had previously drawn criticism from NFT holders and the community on January 7 for its decision to acquire the contentious Moonbirds collection and enlist its creator, Kevin Rose, as an advisor.
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