Yuga Labs, the innovative minds behind the Bored Ape Yacht Club (BAYC) NFT series, have revealed their intention to sell the copyrights for the intellectual property of two of their games.
Yuga Labs has chosen to make this decision as part of their earlier announced plan to realign their team’s resources.
Yuga Labs Hands Over Gaming IPs to Faraway
On April 17, Yuga Labs disclosed in a statement that they would be giving the intellectual property ownership of HV-MTL and Legends of the Mara to Faraway.
We have some exciting news to share. Our friends @Farawaygg are acquiring the HV-MTL and LoTM brands, where they’ll focus on rewarding these communities. To help manage this transition, @EverydayZukini will be joining the Faraway team as the new CPO.
More info in the thread…
— Yuga Labs (@yugalabs) April 17, 2024
Spencer Tucker, currently holding the role of chief gaming officer at Yuga Labs, is set to assume the position of chief product officer at Faraway. This change will facilitate a smooth shift in management and maintain consistency as we continue producing these games under new leadership.
Faraway showed great eagerness regarding the purchase: “We’re really looking forward to elevating this intellectual property but using the solid base Yuga has established as a foundation.”
“As we take charge of HV-MTL and Legends of the Mara, our immediate goal is to drive as much utility as possible to the primary NFTs that make up these collections.”
In addition, Faraway announced intentions to establish a point system for HV-MTL and Legends of the Mara NFTs to boost interaction among community members and incentivize collectors.
According to this plan, the team announced that points will be released shortly for HV-MTL and Legends of the Mara. At present, the points data fields are indicated as “to be determined”.
Yuga Labs’ Strategic Refocus
Yuga Labs’ decision to grant Faraway IP rights for their gaming projects aligns with Yuga Labs’ larger goal of giving more freedom to their team.
The CEO role at Yuga was taken over by co-founder Greg Solano in February, marking the start of this new phase. Solano placed great importance on granting greater autonomy and adaptability to the BAYC team, with the objective of enhancing their focus and nimbleness as a whole.
HV-MTL is a game where you engage in mech battles using NFTs that you manage and enhance. In different settings, this is the core of the game. On the other hand, Legends of Mara, launched on April 30, 2022, in the Otherside metaverse, is an adventure game.
Yuga Labs and Faraway have teamed up once again, expanding on their past alliance. In their earlier project, Faraway created a game called Serum City, themed around the Mutant Ape Yacht Club of Yuga Labs.
The announcement emerges as many popular NFT collections, including BAYC, face struggles during a slump in the wider NFT market.
Currently, the lowest price point for buying a BAYC NFT is 11.5 Ethereum (ETH), which translates to around $34,200. This represents a significant drop of over 90% compared to its peak price of 153.7 Ether.
Read More
- WLD PREDICTION. WLD cryptocurrency
- BTC EUR PREDICTION. BTC cryptocurrency
- ZBC/USD
- Top gainers and losers
- MEME PREDICTION. MEME cryptocurrency
- PRMX PREDICTION. PRMX cryptocurrency
- AGLD PREDICTION. AGLD cryptocurrency
- Brent Oil Forecast
- PRISMA PREDICTION. PRISMA cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
2024-04-20 01:03