Yuga Labs has dropped 2 NFT games in an effort to ‘unseat’ the BAYC team
Yuga Labs, the board-up yacht club (BAYC) behind the NFT suite, has already acquired its intellectual property (IP) for its two games, HV-MTL and Legends of the Mara, as part of its earlier efforts to focus the organization. .
In an April 17 blog post for X, Yuga Labs announced that it has acquired Web3 game studio Faraway IP: Chief Game Officer Spencer Tucker will join Faraway as the new Chief Product Officer to ensure continuity between new games. Be firm.
HV-MTL is an Invincible Token (NFT)-based “Mech” game where players manage and level up their NFTs as well as local environments. Meanwhile, Legend of Mara is an adventure game set as part of the Metaverse of The Other Side that launched on April 30, 2022.
Yuga Labs and Faraway have worked together for a while, with Faraway previously developing a Mutant Ape Yacht Club game called Serum City.
Yuga's move to hand over the game's IP to Faraway represents a broader move to “unbundle” the team. Co-founder Greg Solano was introduced when he joined Yuga and replaced Daniel Alegre as the company's CEO in February of this year.
“We want to resolve the BAYC team to challenge the vision as much as possible from Yuga. More focus, more efficiency,” Greg Solano announced in a Feb. 22 post on X's return to the organization.
Related: Bore Monkey NFT floor price hits lowest point in more than two and a half years
Wednesday's announcement comes as NFTs are facing a broader downtrend in the market, with the core BAYC collection among the heaviest of the best NFT collections.
As of the time of publication, the floor price of BAYC stock is 11.7 Ether (ETH) – worth 35,400 at the current price. The price of the land has dropped by an impressive 92% compared to the 153.7 ETH recorded on May 1, 2022.
Earlier this year, Yuga Labs sparked outrage among owners and members of the NFT community when it announced on January 7 that it would acquire the controversial Moonbirds suite and bring on the project's creator, Kevin Rose, as a consultant.
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