Yuga Labs, the entity behind the NFT sensation Bored Ape Yacht Club (BAYC), has made a strategic move by selling the intellectual property (IP) for two of its games, HV-MTL and Legends of the Mara. This decision aligns with their previously announced efforts to refocus the organization's priorities. In an announcement made on April 17 through an X post, Yuga Labs revealed that Faraway, a Web3 gaming studio, has acquired the IP. Additionally, Spencer Tucker, Yuga Labs' chief gaming officer, will transition to Faraway as its new chief product officer to ensure a seamless continuation of the games' development.
HV-MTL is described as a "mecha" game for non-fungible tokens (NFTs), where players have the ability to manage and upgrade their NFTs alongside the in-game environment. On the other hand, Legends of the Mara is an adventure game set to launch on April 30, 2022, within the Otherside metaverse. The decision to transfer the gaming IP to Faraway signifies a collaborative effort between the two entities, with Faraway having previously developed a game themed around the Mutant Ape Yacht Club, a subset of the Bored Ape Yacht Club.
This move by Yuga Labs reflects a broader strategic shift within the organization. With the return of co-founder Greg Solano in February, replacing Daniel Allegre as CEO, there is a clear intention to streamline operations and focus on the core vision of the BAYC team. Solano emphasized this objective in a February 22 X post, expressing the desire to enhance the team's focus and agility.
The announcement coincides with a general downturn in the NFT market, impacting even flagship series like Bored Ape Yacht Club. As of the time of writing, the BAYC series has seen a significant decline in its floor price, dropping by 92% from its all-time high set on May 1, 2022. Earlier in the year, Yuga Labs faced criticism from NFT holders and community members following the announcement of its acquisition of the controversial Moonbirds series and the hiring of its creator, Kevin Rose, as an advisor.
