Yuga Labs, the company behind the NFT collection Bored Ape Yacht Club (BAYC), has announced the sale of two of its gaming intellectual properties (IPs), HV-MTL and Legends of the Mara, to Web3 gaming company Faraway.
Consequently, this move aligns with Yuga Labs’ plan to refocus its efforts and enhance the BAYC team’s productivity. The decision was shared publicly through a post on the social media platform X.
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
Reorganization at Yuga Labs
The transaction includes not only the transfer of game IPs but also the transition of Spencer Tucker, Yuga’s Chief Gaming Officer, to Faraway, where he will serve as the new Chief Product Officer. This personnel move aims to ensure continuity and stability in the game development under Faraway’s stewardship. HV-MTL, a mech game integrating NFTs, and Legends of the Mara, an adventure game linked to the Otherside metaverse, represent significant aspects of Yuga Labs’ earlier expansion into gaming.
Faraway, known for creating games such as Mini Royale: Nations and a Mutant Ape Yacht Club-themed game called Serum City, has maintained a close collaboration with Yuga Labs prior to this acquisition. This sale marks a pivotal shift in Yuga’s strategy, refocusing on its primary ventures, including the ApeCoin-powered Otherside and the upcoming free-to-play Dookey Dash.
Market Context and Future Focus
The sale occurs amidst a broader downtrend in the NFT market, with BAYC’s collection experiencing a decline from its peak. As of the latest updates, the floor price of the BAYC collection stands at 11.7 Ether (ETH), a drastic fall from its all-time high. This shift in strategy by Yuga Labs could potentially stabilize its market position by concentrating on fewer but potentially more impactful projects.
With the gaming IP offload, Yuga Labs aims to intensify its focus on developing its remaining in-house projects like the Otherside metaverse. The move is part of a broader effort to streamline operations and enhance agility and effectiveness in delivering new experiences to users and stakeholders. Greg Solano, Yuga Labs’ CEO, emphasized the necessity for a more focused approach in gaming and storytelling within the 3D Otherside metaverse.
Some news to share:
I am stepping back in as CEO of Yuga Labs. Wylie and I are grateful for all the contributions and operational rigor Daniel has brought to the company, and appreciate his thoughtfulness and mentorship over the past year. I’m reinvigorated to be taking the…
— Garga.eth (Greg Solano) 🍌 (@CryptoGarga) February 21, 2024
Despite the sale of HV-MTL and Legends of the Mara, Yuga Labs will work closely with Faraway to ensure interoperability and continued integration of certain NFT elements across platforms. This collaboration is intended to maintain community engagement and reward systems across both entities, ensuring that existing users of both games experience minimal disruption.
