Yuga Labs Sells Intellectual Property Rights of Two NFT Games in Strategic Move – Latest Update

Yuga Labs Sells IP Rights to Faraway

Yuga Labs recently made a strategic move by selling the IP rights of two of its games, Legends of the Mara and HV-MTL, to Web3 gaming firm Faraway. This decision was part of a larger effort to refocus the organization and was accompanied by a significant change in leadership.

Key Leadership Change

As part of the deal, Spencer Trucker, Yuga Labs’ chief gaming officer, will now serve as Faraway’s new chief product officer. This move aims to ensure continuity between the two companies and their respective games.

Yuga Labs’ Partnership with Faraway

Yuga Labs and Faraway have had a longstanding partnership, with Faraway working on developing Serum City, a game inspired by the mutant Ape Yacht Club theme.

Yuga Labs shared the news on Twitter, announcing the acquisition of HV-MTL and LoTM brands by Faraway, emphasizing their commitment to these communities. Additionally, EverydayZukini will be joining Faraway as the new CPO to facilitate the transition.

About the Games

• HV-MTL: A non-fungible token (NFT) game that allows players to progress at their own pace in local environments.
• Legends of the Mara: An adventure game set in the metaverse, launched on April 30, 2022.

Yuga Labs’ Organizational Refocus

The decision to transfer gaming IP to Faraway aligns with Yuga Labs’ broader efforts to refocus the organization. Co-founder Greg Solana reintroduced this strategy upon his return to Yuga, taking over from Daniel Allegre.

Greg Solana’s return to Yuga on February 22 aimed to provide the BAYC team with more focus and agility to realize their vision.

The State of BAYC NFTs

BAYC NFTs have been significantly impacted by the recent market downturn, with the flagship collection and other projects experiencing notable price declines.

Currently, the bottom price of the BAYC collection stands at 12.34 Ether, with the current trading price of Ether at $3,009. Overall, BAYC has seen a 92% drop from its all-time high of 153.7 ETH on May 1, 2022.

Yuga Labs stirred controversy within the NFT community on January 7 by acquiring the Moonbirds collection and appointing Kevin Rose as an adviser.