- Yuga Labs has sold the IP of two games, HV-MTL and Legends of the Mara, to Faraway, a Web3 gaming studio.
- This move aligns with Yuga’s strategic decision to concentrate on its primary interests and enhance team agility.
- As NFT values decline, Yuga Labs reaffirms its commitment to its vision despite market challenges.
Yuga Labs, known for its popular NFT collection Bored Ape Yacht Club, recently streamlined its operations by transferring the intellectual property rights of two games, HV-MTL and Legends of the Mara, to Faraway, a Web3 gaming studio. This strategic decision aims to refocus the company’s efforts on its core projects.
HV-MTL, an NFT-based mech game, allows players to manage and upgrade their NFTs and environments. Legends of the Mara, an adventure game, is integrated within the Otherside metaverse, which debuted on April 30, 2022. Both games are part of a broader initiative by Yuga Labs to enhance its operational focus.
Strategic Shift in Leadership and Focus
Yuga Labs’ chief gaming officer, Spencer Tucker, will join Faraway as chief product officer. This move is intended to maintain consistency in game development under the new ownership. The collaboration between Yuga Labs and Faraway is not new, as they have previously worked together on a Mutant Ape Yacht Club-themed game, Serum City.
The decision to divest these game IPs follows the leadership change at Yuga Labs, with co-founder Greg Solano taking over as CEO in February of this year, replacing Daniel Allegre. This leadership adjustment coincides with a strategic pivot towards greater focus and agility within the company’s team.
Market Context and Future Directions
This transition occurs against a backdrop of declining NFT market values. The Bored Ape Yacht Club collection, in particular, has seen a significant drop in its floor price, currently standing at 11.7 Ether—equivalent to $35,400—a decline of 92% from its peak in May 2022.
Despite these market pressures, Yuga Labs is adamant about pursuing its revised strategy to better align with its long-term vision. This approach is aimed at unburdening the team, allowing them to be more responsive and innovative in their core areas of interest.
