Yuga Labs offloads 2 NFT games amid effort to ‘unshackle’ BAYC team

Yuga Labs, the company responsible for creating the popular NFT collection known as Bored Ape Yacht Club (BAYC), has sold the rights to two of its games, HV-MTL and Legends of the Mara, in accordance with their earlier plan to redirect the business.

On April 17, X was updated with a message from Yuga Labs: Faraway, a Web3 gaming company, announced their acquisition of the intellectual property (IP) from Web3 studio, Faraway. In this deal, Spencer Tucker, current chief gaming officer at Faraway, will be taking on a new role as Faraway’s chief product officer. This move aims to maintain consistency between the games during this transition.

Yuga Labs offloads 2 NFT games amid effort to 'unshackle' BAYC team

In simpler terms, HV-MTL is a game where you manage and upgrade your NFT characters in a mechanically themed environment, while Legends of the Mara is an adventure game set within the Otherside metaverse, which went live on April 30, 2022.

For a while now, Yuga Labs and Faraway have collaborated closely on various projects. Notably, Faraway created a game named Serum City, which features themes inspired by the Mutant Ape Yacht Club of Yuga Labs.

Yuga’s decision to transfer its gaming intellectual property to Faraway signifies a larger shift towards giving the team more freedom. This change occurred after Greg Solano, co-founder of Yuga, returned and took over as CEO from Daniel Allegre in February this year.

“Our goal is to give the BAYC team at Yuga Labs greater freedom to carry out their vision. By doing so, we believe they will be able to focus more intensely and respond more swiftly,” Solana expressed in a February 22 update on X.

Yuga Labs offloads 2 NFT games amid effort to 'unshackle' BAYC team

On Wednesdays update, NFTs are facing a wider slump in the market, causing significant losses for popular collections like BAYC, which has been particularly affected among the leading NFT projects.

Currently, the lowest asking price for a BAYC collection piece is 11.7 Ether, which equals around $35,400 with current Ethereum prices. However, this is a significant decrease from its previous all-time high floor price of 153.7 Ether, reached on May 1, 2022 – representing a drop of approximately 92%.

Yuga Labs offloads 2 NFT games amid effort to 'unshackle' BAYC team

In early January, Yuga Labs caused controversy within the NFT world by revealing their intention to purchase the contentious Moonbirds collection and welcoming its creator, Kevin Rose, as a consultant.

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2024-04-18 08:00