Yuga Labs, the creator of BAYC, has transferred 2 NFT games to Faraway.

Yuga Labs, the creator behind the popular Bored Ape Yacht Club (BAYC) NFT collection, has recently announced the sale of the intellectual property rights for two of its gaming titles. This decision comes as part of Yuga Labs’ strategic efforts to refocus its organizational priorities.

The announcement made on April 17 revealed that Yuga Labs will be transferring the IP rights of HV-MTL and Legends of the Mara to Faraway. The goal is for Faraway to take over these brands and focus on further developing and rewarding the communities associated with them.

Spencer Tucker, the chief gaming officer at Yuga Labs, will transition to become Faraway’s chief product officer to ensure a smooth handover and maintain continuity in the development of these games under the new leadership.

Faraway expressed excitement about this acquisition, stating their commitment to enhancing the IP and providing more utility to the primary NFTs within these collections. They also revealed plans to introduce a points system for HV-MTL and Legends of the Mara NFTs to increase community engagement and incentivize collectors.

Yuga Labs’ decision to transfer gaming IP rights aligns with the company’s broader objective to empower its team. This initiative began when co-founder Greg Solano returned to Yuga Labs as the CEO in February, emphasizing the importance of allowing the BAYC team more freedom and flexibility to pursue their vision.

HV-MTL is a game focusing on NFT-based mech combat, while Legends of the Mara is an adventure game set in the Otherside metaverse. This collaboration between Yuga Labs and Faraway builds upon their previous partnership, which resulted in the development of a Mutant Ape Yacht Club-themed game called Serum City.

As the NFT market faces challenges, including a significant decrease in the BAYC collection floor price, Yuga Labs and Faraway are working together to navigate this changing landscape. At present, the floor price of the BAYC collection stands at 11.5 Ether (ETH), or around $34,200, marking a more than 90% decrease from its peak of 153.7 ETH.

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