Yuga Labs — the agency behind NFT assortment Bored Ape Yacht Membership (BAYC) — has offloaded the mental property for 2 of its video games, HV-MTL and Legends of the Mara, in keeping with a beforehand introduced effort to refocus the group.
In an April 17 publish to X, Yuga Labs introduced that Web3 gaming studio Faraway had acquired the IP, including that its chief gaming officer Spencer Tucker would be part of Faraway as the brand new chief product officer in a bid to make sure continuity between the video games on the new agency.
HV-MTL is an NFT-oriented ‘mech’ sport the place gamers handle and stage up their NFTs in addition to native environments. In the meantime, Legends of the Mara is an journey sport that features as a part of the Otherside metaverse, which was launched on April 30, 2022.
Yuga Labs and Faraway have labored carefully collectively for a while, with Faraway beforehand creating a Mutant Ape Yacht Membership-themed sport referred to as Serum Metropolis.
Yuga’s transfer handy over its gaming IP to Faraway displays a broader transfer to “unshackle” the workforce, which was launched when co-founder Greg Solano rejoined Yuga and changed Daniel Allegre as the corporate’s CEO in February this yr.
“We need to unshackle the BAYC workforce at Yuga as a lot as potential to execute towards its imaginative and prescient. Extra focus, extra agility,” Solana wrote in a Feb. 22 post to X that introduced his return to the group.
Associated: Bored Ape NFT ground value hits lowest level in over two and a half years
Wednesday’s announcement comes as NFTs expertise a broader downtrend throughout the market, with its flagship BAYC assortment being among the many hardest hit of prime NFT collections.
As of the time of publication, the ground value of the BAYC assortment stands at 11.7 Ether (ETH) — value $35,400 at present costs. The ground value is down a staggering 92% from its all-time excessive ground value of 153.7 ETH, notched on Might 1, 2022.
Earlier this yr, Yuga Labs sparked outrage amongst holders and members of the NFT group on Jan. 7 when introduced it might be buying the controversial Moonbirds assortment and bringing on the challenge’s creator Kevin Rose as an adviser.
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