May 22, 2024
Yuga Labs Hands Off Two NFT Games to 'Unshackle' BAYC Team
NFT

Yuga Labs Hands Off Two NFT Games to ‘Unshackle’ BAYC Team

Yuga Labs, the company behind the popular NFT collection BAYC, has sold the intellectual property (IP) for its games HV-MTL and Legends of the Mara to Web3 gaming studio Faraway.

The move aligns with Yuga Labs’ broader strategy to refocus its operations and optimize its team for future growth.

Source: Yuga Labs

IP Acquisition and Leadership Changes

On April 17, Yuga Labs announced that Faraway had acquired the IP for HV-MTL and Legends of the Mara.

In addition, Spencer Tucker, Yuga’s chief gaming officer, will join Faraway as the new chief product officer. This transition is intended to ensure continuity between the games at the new studio.

HV-MTL is a mech-based game centred around nonfungible tokens (NFTs), where players can manage and level up their NFTs as well as local environments.

Legends of the Mara, on the other hand, is an adventure game that is part of Yuga Labs’ Otherside metaverse, which was launched on April 30, 2022.

Source: Greg Solano

Ongoing Collaboration Between Yuga Labs and Faraway

Yuga Labs and Faraway have a history of collaboration, with Faraway previously developing Serum City, a game themed around the Mutant Ape Yacht Club NFT collection.

The decision to hand over the gaming IP to Faraway is part of Yuga Labs’ broader initiative to “unshackle” its team and focus on its vision.

This strategic shift was introduced when co-founder Greg Solano returned to Yuga and took over as CEO in February 2024, succeeding Daniel Allegre.

Market Impact and Community Response

The announcement comes at a time when NFTs are experiencing a broader downtrend across the market.

Yuga Labs’ flagship BAYC collection has been among the hardest hit, with its floor price currently standing at 11.7 Ether ($35,400 at current prices). This represents a 92% drop from its all-time high of 153.7 ETH on May 1, 2022.

Bored Ape Yacht Club floor price. Source: CoinGecko

Yuga Labs’ acquisition of the controversial Moonbirds collection earlier this year sparked controversy among holders and members of the NFT community.

The acquisition included bringing on the project’s creator, Kevin Rose, as an adviser. The transfer of IP from Yuga Labs to Faraway signifies a strategic shift for the firm as it refocuses its resources and team.

While the move may face challenges given the current NFT market conditions, it highlights Yuga Labs’ commitment to its vision and the continued growth of its gaming projects.

Image: Wallpapers.com

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