Yuga Labs sells web3 games HV-MTL and Legends of the Mara
Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, has sold the intellectual property rights of two of its games, HV-MTL and Legends of the Mara. This decision is part of a strategic reorientation to refocus the organization.
HV-MTL is a mech-oriented NFT game where players manage and develop their NFTs and local environments. On the other hand, Legends of the Mara is an adventure game that is part of the Otherside metaverse, launched on April 30, 2022.
In a recent announcement, Yuga Labs revealed that web3 game studio Faraway had acquired these intellectual properties, adding that Spencer Tucker, the games director at Yuga, would be joining Faraway as the new director of products to ensure continuity between the games at the new company.
Collaboration between Yuga Labs and Faraway
Yuga Labs and Faraway have been closely collaborating for some time, with Faraway previously developing a themed game called Serum City for the Mutant Ape Yacht Club. The transfer of Yuga’s game IP to Faraway reflects a broader initiative to ‘free up’ the team, which was introduced when co-founder Greg Solano took over as CEO of Yuga in February of this year, replacing Daniel Allegre.
The Wednesday announcement comes as the NFT market experiences a downward trend, with flagship collections BAYC and MAYC among the hardest hit. Currently, the floor price of the Bored Ape collection is 11.7 ETH, or less than $36,000 at the current price, which represents an impressive 92% drop from its record of 153.7 ETH reached on May 1, 2022.
