BAYC Creator Yuga Labs Downloaded 2 NFT Games to Faraway

Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) nft collection, has announced the sale of the intellectual property rights to two of its games.

This move is part of Yuga Labs' previously stated commitment to refocus its organizational efforts.

Yuga Labs delivers game IPs to Faraway

In an April 17 announcement on x, Yuga Labs revealed the decision to transfer the intellectual property rights for HV-MTL and Legends of the Mara to Faraway.

<blockquote class="twitter-tweet”>

We have some exciting news to share. Our friends twitter.com/farawaygg?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@Farawaygg are acquiring the HV-MTL and LoTM brands, where they will focus on rewarding these communities. To help manage this transition, twitter.com/EverydayZukini?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>@EverydayZukini will join the Faraway team as the new CPO.

More information in the thread… https://t.co/twXnFsUYG1

– Yuga Laboratories (@yugalabs) twitter.com/yugalabs/status/1780629042661638580?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank”>April 17, 2024

Spencer Tucker, Game Director at Yuga Labs, will become Faraway's Chief Product Officer, ensuring a seamless transition and preserving continuity in the development of these games under new leadership.

Faraway expressed excitement about the acquisition: “We are incredibly excited to take this intellectual property to new heights building on the strong foundation Yuga has created.”

“As we take over HV-MTL and Legends of the Mara, our immediate goal is to generate the greatest possible utility for the core nfts that make up these collections.”

Far too x.com/farawaygg/status/1780627363069403391″ data-wpel-link=”external” target=”_blank”>revealed plans to introduce a points system for HV-MTL and Legends of the Mara nft to improve community engagement and reward collectors.

In line with this initiative, the team stated: “You will soon start seeing points for HV-MTL and Legends of the Mara; For now, point metadata fields are marked “???”.

Yuga Labs strategic refocusing

Yuga Labs' decision to transfer the games' intellectual property rights to Faraway aligns with Yuga Labs' broader initiative to “free up” its team.

This began when co-founder Greg Solano returned to Yuga and took over as CEO in February. Solano emphasized the goal of providing more freedom and flexibility to the BAYC team to pursue its vision, aiming for greater focus and agility within the organization.

HV-MTL is an nft-based mech combat-focused game, allowing players to manage and upgrade their nfts in various environments. Legends of the Mara is an adventure game that debuted in the Otherside metaverse on April 30, 2022.

This collaboration between Yuga Labs and Faraway builds on their previous partnership, in which Faraway developed a Mutant Ape Yacht Club-themed game titled Serum City.

The announcement comes as the broader nft market is experiencing a downturn and iconic collections like BAYC face significant challenges.

At the time of writing, the minimum price of the BAYC collection is 11.5 Ether (eth), equivalent to approximately $34,200, more than 90%. decrease from its all-time high of 153.7 eth.

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