Yuga Labs made a strategic decision to sell the IP rights of two of its games, Legends of the Mara and HV-MTL, to Web3 gaming firm Faraway on April 17. This move was part of a broader effort to refocus the organization and was accompanied by a key change in leadership, with Yuga Labs’ chief gaming officer Spencer Trucker joining Faraway as its new chief product officer. The partnership between Yuga Labs and Faraway had been ongoing, with Faraway developing Serum City, a game based on the mutant Ape Yacht Club theme. HV-MTL is a non-fungible token (NFT) game, while Legends of the Mara is an adventure game set in the metaverse.
Yuga Labs’ decision to hand over its gaming IP to Faraway was made to refocus the organization’s efforts, with co-founder Greg Solana playing a key role in this move. Solana introduced the idea of refocusing when he rejoined Yuga and replaced Daniel Allegre. On February 22, Solano announced his return to X, stating that he wanted to give the BAYC team at Yuga more focus and agility to execute their vision. This strategic shift was aimed at improving the overall direction and focus of the organization and allowing the BAYC team to thrive.
The BAYC NFT collection, which is one of the flagship collections under Yuga Labs, has been affected by the broader market downturn in the NFT space. The collection and other prominent NFT projects have experienced a substantial price decline, with the bottom price of the BAYC collection being 12.34 Ether. Currently, the trading price of Ether is $3,009, and BAYC has seen a 92% fall from its all-time high of 153.7 Ether on May 1, 2022. Yuga Labs caused controversy within the NFT community on January 7 by announcing the acquisition of the Moonbirds collection and appointing Kevin Rose as an adviser.
The partnership between Yuga Labs and Faraway signals a closer relationship between the two companies, with Faraway focusing on rewarding the communities of HV-MTL and Legends of the Mara. As part of the transition, EverydayZukini will be joining Faraway as the new CPO. HV-MTL is a game where players can progress at their own pace in local environments, while Legends of the Mara is an adventure game set in the metaverse. This move reflects Yuga Labs’ commitment to focusing its efforts on specific areas of growth and development while ensuring continuity and support for its existing games.
Overall, Yuga Labs’ decision to sell the IP rights of its games to Faraway and restructure its organization reflects a strategic shift in focus and direction. By refocusing their efforts and making key changes in leadership, Yuga Labs aims to position itself for future growth and success in the competitive gaming and NFT market. The move also highlights the importance of strategic partnerships and collaborations in the Web3 gaming space, as companies seek to leverage each other’s strengths and resources for mutual benefit. As Yuga Labs navigates through these changes, the future looks promising for the organization and its gaming initiatives.
