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

Tom Mitchelhill4 hours agoYuga Labs offloads 2 NFT games amid effort to ‘unshackle’ BAYC teamYuga Labs has sold off the intellectual property rights of two of its games to Web3 gaming firm Faraway.1024 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksYuga Labs, the firm behind NFT collection Bored Ape Yacht Club (BAYC), has offloaded the intellectual property (IP) for two of its games, HV-MTL and Legends of the Mara, in line with a previously announced effort to refocus the organization. 

In an April 17 post to X, Yuga Labs announced that Web3 gaming studio Faraway had acquired the IP, adding that its chief gaming officer Spencer Tucker would join Faraway as the new chief product officer in a bid to ensure continuity between the games at the new firm.Source:Yuga Labs

HV-MTL is a nonfungible token (NFT)-oriented “mech” game where players manage and level up their NFTs as well as local environments. Meanwhile, Legends of the Mara is an adventure game that functions as part of the Otherside metaverse, which was launched on April 30, 2022.

Yuga Labs and Faraway have worked closely together for some time, with Faraway previously developing a Mutant Ape Yacht Club-themed game called Serum City.

Yuga’s move to hand over its gaming IP to Faraway reflects a broader move to “unshackle” the team. It was introduced when co-founder Greg Solano rejoined Yuga and replaced Daniel Allegre as the company’s CEO in February this year.

“We want to unshackle the BAYC team at Yuga as much as possible to execute against its vision. More focus, more agility,” Greg Solano wrote in a Feb. 22 post to X that announced his return to the organization.Source:Greg Solano

Related:Bored Ape NFT floor price hits lowest point in over two and a half years

Wednesday’s announcement comes as NFTs experience a broader downtrend across the market, with its flagship BAYC collection being among the hardest hit of top NFT collections.

As of the time of publication, the floor price of the BAYC collection stands at 11.7 Ether (ETH) — worth $35,400 at current prices. The floor price is down a staggering 92% from its all-time of 153.7 ETH, notched on May 1, 2022.Bored Ape Yacht Club floor price. Source: CoinGecko

Earlier this year, Yuga Labs sparked outrage among holders and members of the NFT community on Jan. 7 when it announced it would be acquiring the controversial Moonbirds collection and bringing on the project’s creator, Kevin Rose, as an adviser.

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