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Yuga Labs Sells IP Rights of Two NFT Games in Strategic Move – Here’s the Latest

Yuga Labs sold the IP rights of two of its games, Legends of the Mara and HV-MTL, to Web3 gaming firm Faraway on April 17 in a strategic move designed to refocus the organization. The decision was accompanied by a key change in leadership.

Yuga Labs simultaneously announced that Spencer Trucker, its chief gaming officer, would join Faraway as its new chief product officer. This move is structured to maintain continuity between the two companies and their games.

Yuga Labs’ Strategic Partnership with Faraway

Yuga Labs and Faraway have had a close partnership for a while now, with Faraway developing Serum City, a game based on the mutant Ape Yacht Club theme.

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…

— Yuga Labs (@yugalabs) April 17, 2024

HV-MTL is a non-fungible token (NFT) game where players can progress at their own speed and in local environments. Legends of the Mara is an adventure game set in the metaverse. It was launched on April 30, 2022.

Yuga’s decision to hand over its gaming IP to Faraway reflects a broader move to refocus the organization’s efforts. Co-founder Gred Solana introduced the idea when he rejoined Yuga and replaced Dnaiel Allegre.

On February 22, Greg Solano announced his return to X, stating that he wanted to give the BAYC team at Yuga more focus and agility to execute their vision.

The State of BAYC NFTs Amidst Yuga Labs’ Restructuring Efforts

BAYC NFTs have been among the top NFT collections most affected by the broader market downtrend. The flagship collection and other prominent NFT projects have experienced a substantial price decline.

The bottom price of the BAYC collection is 12.34 Ether, and the current trading price of Ether is $3,009. Overall, BAYC has seen a 92% fall from its all-time high of 153.7 ETH on May 1, 2022.

On January 7, Yuga Labs caused controversy within the NFT community by announcing the acquisition of the Moonbirds collection and appointing Kevin Rose as an adviser.

The post Yuga Labs Sells IP Rights of Two NFT Games in Strategic Move – Here’s the Latest appeared first on Cryptonews.

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