Yuga Labs Sells 2 NFT Gaming IPs to Faraway Amid Refocusing Efforts

• Yuga Labs has sold the IP for two of its games, HV-MTL and Legends of the Mara.
• Its flagship BAYC collection is one of the most severely affected top NFT collections.

As part of its previously stated decision to refocus, Yuga Labs, the organization behind NFT collection Bored Ape Yacht Club (BAYC), has sold the IP for two of its games, HV-MTL and Legends of the Mara.

In a post made to X on April 17, Yuga Labs stated that the IP had been bought by Web3 gaming studio Faraway. They also said that Faraway’s new chief product officer, Spencer Tucker, would be joining the company to maintain consistency across titles.

Refocusing Efforts 

Managing and leveling up one’s NFTs and local settings is at the heart of HV-MTL, a “mech” game focused on NFTs. Legends of the Mara, meanwhile, is an adventure game that was released on April 30, 2022, as part of the Otherside metaverse.

Moreover, longtime collaborators Faraway and Yuga Labs have collaborated on projects like Serum City, a Mutant Ape Yacht Club-themed game. Also, an effort to “unshackle” the team is shown in Yuga’s decision to transfer its gaming IP to Faraway. It was unveiled in February of this year, when co-founder Greg Solano returned to Yuga and succeeded Daniel Allegre as CEO.

Greg Solano wrote in a Feb. 22 post on X:

“We want to unshackle the BAYC team at Yuga as much as possible to execute against its vision. More focus, more agility.”

Its flagship BAYC collection is one of the most severely affected top NFT collections, and the statement on Wednesday comes as NFTs undergo a wider slump throughout the market.

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