Yuga Labs, the organization behind the popular NFT collection Bored Ape Yacht Club (BAYC), has recently sold the intellectual property (IP) for two of its games, HV-MTL and Legends of the Mara. This decision is in line with their previously announced plan to refocus their efforts.
In a post on April 17, Yuga Labs announced that the IP for HV-MTL and Legends of the Mara had been acquired by Web3 gaming studio Faraway. As part of the deal, Faraway’s new chief product officer, Spencer Tucker, will be joining Yuga Labs to ensure consistency across the titles.
HV-MTL is a mech game that revolves around managing and improving one’s NFTs and local settings. On the other hand, Legends of the Mara is an adventure game that was launched on April 30, 2022, as part of the Otherside metaverse.
Faraway and Yuga Labs have a long history of collaboration, having previously worked together on projects like Serum City, a game inspired by the Mutant Ape Yacht Club. Yuga Labs’ decision to transfer its gaming IP to Faraway is a testament to their efforts to empower the team and explore new opportunities. This strategic move was first revealed in February when co-founder Greg Solano took over as CEO, succeeding Daniel Allegre.
It is worth noting that the Bored Ape Yacht Club collection, which is Yuga Labs’ flagship NFT collection, has been heavily impacted by the recent downturn in the NFT market. This announcement comes at a time when NFTs in general are experiencing a slump.
In other news, it has been reported that Binance, a prominent cryptocurrency exchange, is planning to re-enter the Indian market following a $2 million fine imposed on them.
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