Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) NFT collection, has announced the sale of the intellectual property rights for two of its games.
This move is part of Yuga Labs’ previously declared commitment to refocus its organizational efforts.
Yuga Labs Hands Over Gaming IPs to Faraway
In an April 17 announcement on X, Yuga Labs revealed the decision to transfer the IP rights of HV-MTL and Legends of the Mara to Faraway.
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
Spencer Tucker, Yuga Labs’ chief gaming officer, will become Faraway’s chief product officer, ensuring a seamless transition and preserving continuity in developing these games under the new leadership.
Faraway expressed enthusiasm about the acquisition: “We’re incredibly excited to take this IP to new heights by building on the strong foundation that Yuga has created.”
“As we take charge of HV-MTL and Legends of the Mara, our immediate goal is to drive as much utility as possible to the primary NFTs that make up these collections.”
Faraway also revealed plans to introduce a points system for HV-MTL and Legends of the Mara NFTs to enhance community engagement and reward collectors.
In line with this initiative, the team stated, “You’ll start to see points roll out soon for HV-MTL and Legends of the Mara – for now, the points metadata fields are marked with “???”.
Yuga Labs’ Strategic Refocus
Yuga Labs’ move to transfer gaming IP rights to Faraway aligns with Yuga Labs’ broader initiative to “unshackle” its team.
This 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 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, an over 90% decrease from its all-time high of 153.7 ETH.