Yuga Labs Transfers Game IPs to Faraway Amidst NFT Market Downturn
Summary:
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, has transferred the intellectual property rights for two of its games to Web3 gaming studio Faraway. The move aligns with a larger initiative to streamline the company's focus. Additionally, BAYC has been one of the hardest hit in the recent downturn of NFTs, and its floor price has plunged 92% from its all-time high.
The company behind the notable Non-Fungible Token (NFT) collection, Bored Ape Yacht Club (BAYC), Yuga Labs, has transferred its intellectual property rights for two game titles, HV-MTL and Legends of the Mara. This move aligns with their earlier declared direction to streamline the company's focus. On April 17, Yuga Labs reported on platform X that Web3 game development studio Faraway is now the new owner of these IPs. Moreover, Spencer Tucker, their key gaming officer, will occupy the role of chief product officer at Faraway to ensure congruence across the games.
HV-MTL is an NFT-centric 'mech' game inviting players to nurture and advance their NFTs and associated settings. Legends of the Mara, on the other hand, is an exploratory game part of the Otherside metaverse, launched recently on April 30, 2022. Yuga Labs and Faraway have been close collaborators for a while, with the latter having previous created a Mutant Ape Yacht Club-themed game named Serum City.
Yuga's handing over of its gaming IPs to Faraway corresponds to a wider initiative to liberate its team, initiated by co-founder Greg Solano's return and stepping into the CEO role, replacing Daniel Allegre in February. "Our goal is to free up the BAYC team at Yuga as much as possible to advance its vision. More focused, more versatile," Solano stated in a post on platform X on February 22, heralding his comeback.
The latest news emerged on Wednesday as NFTs are witnessing an industry-wide slump, with BAYC being one of the worst-hit among leading NFT collections. As of the report's release, the lowest price for the BAYC collection stands at 11.7 Ether (ETH), equivalent to $35,400 in the current market value. The minimum price of this collection has plunged an alarming 92% from its record peak of 153.7 ETH, marked on May 1, 2022.
Controversy followed Yuga Labs earlier this year when they revealed plans to acquire the contentious Moonbirds collection and enlist the project's creator, Kevin Rose, as a consultant on January 7. The decision instigated a wave of sometimes intense responses from holders and members of the NFT community.
Published At
4/18/2024 7:46:25 AM
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