Yuga Labs Sells Gaming IP Rights To Faraway As Part Of Strategic Refocus

According to CryptoPotato, Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, has sold the intellectual property rights for two of its games. This decision aligns with Yuga Labs' previously stated commitment to refocus its organizational efforts. The IP rights of HV-MTL and Legends of the Mara have been transferred to Faraway. Spencer Tucker, Yuga Labs’ chief gaming officer, will transition to Faraway’s chief product officer, ensuring continuity in the development of these games under new leadership. Faraway has expressed excitement about the acquisition and plans to build on the strong foundation that Yuga Labs has created. The immediate goal for Faraway is to drive as much utility as possible to the primary NFTs that make up these collections. Faraway also plans to introduce a points system for HV-MTL and Legends of the Mara NFTs to enhance community engagement and reward collectors. This move is in line with Yuga Labs' broader initiative to 'unshackle' its team, which was initiated when co-founder Greg Solano returned to Yuga and took the CEO role in February. Solano emphasized the goal of giving more freedom and flexibility to the BAYC team to pursue its vision, aiming for heightened focus and agility within the organization. HV-MTL is a game centered around NFT-based mech combat, allowing players to manage and upgrade their NFTs within various environments. Legends of the Mara is an adventure game that debuted in the Otherside metaverse on April 30, 2022. This collaboration between Yuga Labs and Faraway builds upon their previous partnership, which saw Faraway develop a Mutant Ape Yacht Club-themed game titled Serum City. The announcement comes at a time when the broader NFT market is experiencing a downturn, with flagship collections such as BAYC facing significant challenges. At the time of this writing, the floor price of the BAYC collection is 11.5 Ether (ETH), equivalent to approximately $34,200, a decrease of over 90% from its all-time high of 153.7 ETH.