BAYC creator Yuga Labs has dropped 2 NFT games into the far reaches

Yuga Labs, creator of the Board Ape Yacht Club (BAYC) NFT suite, has announced that it has sold the intellectual property rights to two games.

This move is part of Yoga Labs' earlier stated commitment to refocus its organizational efforts.

Yuga Labs has submitted game IPs for the remote location

On April 17th, Yuga Labs announced that it has decided to transfer the HV-MTL and Legends of the Mara IP rights to Faraway.

We have exciting news to share. Our friends @Farawaygg are co-founding the HV-MTL and LoTM brands, which focus on rewarding communities. @EverydayZukini joins the Fara team as new CPO to manage this transition.

More info in the broadcast…

— Yuga Labs (@yugalabs) April 17, 2024

Spencer Tucker, Yuga Labs' Chief Game Officer, will become Faraway's Chief Product Officer, ensuring a seamless transition and continuing to develop these games under new leadership.

Commenting on the acquisition, Faraway said: “We are incredibly excited to build on the strong foundation Yuga has created and take this IP to new heights.

“With the acquisition of HV-MTL and Legends of the Mara, our immediate goal is to drive as many resources as possible to the primary NFTs that comprise these collections.”

Faraway has revealed plans to introduce a points system for HV-MTL and Legends of the Mara NFTs to increase community engagement and reward collectors.

Based on this initiative, the team, “For HV-MTL and Legends of the Mara – current point metadata fields with “???” They are marked.

A systematic refocusing of the yoga lab

Yuga Labs' move to transfer gaming IP rights to Faraway is in line with Yuga Labs' broader initiatives.

This began when co-founder Greg Solano returned to Yuga and took over as CEO in February. Solano emphasized the goal of giving the BAYC team more freedom and flexibility to pursue its vision, with the goal of bringing greater focus and efficiency across the organization.

HV-MTL is an NFT-based mech combat-oriented game that allows players to manage and upgrade their NFTs in various environments. Legends of Mara is an adventure game that debuted on April 30, 2022 in the alternate metaverse.

This collaboration between Yuga Labs and Faraway builds on their previous partnership, which saw Faraway develop the Mutant Ape Yacht Club game titled Serum City.

The announcement comes at a time when the broader NFT market is facing a downturn and major conglomerates such as BAYC are facing major challenges.

At the time of writing, the floor price of BAYC stock is 11.5 Ether (ETH), roughly $34,200, down more than 90% from its peak of 153.7 ETH.