Yuga Labs Makes Strategic Move by Selling IP Rights of Two NFT Games – Here’s the Latest
Yuga Labs, a prominent player in the NFT gaming industry, recently sold the intellectual property (IP) rights of two of its games, Legends of the Mara and HV-MTL, to Faraway, a Web3 gaming firm. This strategic move aims to refocus the organization and was accompanied by a significant change in leadership.
As part of the deal, Yuga Labs announced that its chief gaming officer, Spencer Trucker, would join Faraway as the new chief product officer. This decision ensures continuity between the two companies and their respective games.
Yuga Labs and Faraway have enjoyed a close partnership for some time now, with Faraway developing Serum City, a game based on the popular mutant Ape Yacht Club theme. The sale of the IP rights of HV-MTL and Legends of the Mara further strengthens this strategic partnership.
HV-MTL is a non-fungible token (NFT) game that allows players to progress at their own pace in local environments. On the other hand, Legends of the Mara is an immersive adventure game set in the metaverse, which was launched on April 30, 2022.
The decision to hand over the gaming IP to Faraway is part of Yuga Labs’ broader efforts to refocus the organization. Co-founder Greg Solana introduced this idea when he rejoined Yuga and took over from Daniel Allegre. Solana’s return to the company on February 22 aimed to provide more focus and agility for the BAYC team at Yuga to execute their vision.
While Yuga Labs undergoes restructuring, the Bored Ape Yacht Club (BAYC) NFT collection, one of their flagship projects, has experienced a significant decline in value due to the overall market downtrend. The lowest price for a BAYC NFT is currently 12.34 Ether, with Ether’s current trading price at $3,009. This represents a 92% fall from its all-time high of 153.7 ETH on May 1, 2022.
In January 7, Yuga Labs stirred controversy within the NFT community by acquiring the Moonbirds collection and appointing Kevin Rose as an advisor. These moves have been closely watched by industry observers.
Stay updated with the latest news by following us on Google News.
