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yuga-labs-sells-gaming-ips-to-faraway-studio-in-bid-to-refocus-efforts

Hope C

1m | Created about 1 month ago, last updated about 1 month ago

Yuga Labs Sells Gaming IPs to Faraway Studio in Bid To Refocus Efforts

Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), has sold two of its gaming intellectual properties (IPs) to Web3 gaming studio Faraway.

Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), has sold two of its gaming intellectual properties (IPs) to Web3 gaming studio Faraway. This sale includes HV-MTL and Legends of the Mara, along with their associated NFT collections. With this strategic decision, Yuga Labs aims to streamline its focus and concentrate on its remaining in-house gaming properties: Otherside, a metaverse gaming platform powered by ApeCoin, and Dookey Dash, a free-to-play game featuring Bored Ape characters that Faraway recently rebuilt.

Yuga Labs' co-founder and CEO, Greg Solano, expressed on Twitter that this move enables the company to sharpen its focus on Otherside and deliver captivating experiences to users. By divesting from some of its gaming efforts, Yuga Labs gains more time and resources to refocus on Otherside and its NFT collections, including BAYC, CryptoPunks, and Moonbirds. Solano's statement suggests that Yuga Labs has further plans to enhance its focus in the near future.

Faraway, a Web3-centric studio known for games like Mini Royale: Nations and Serum City, acquired HV-MTL and Legends of the Mara. As part of the deal, Yuga Labs' Chief Gaming Officer, Spencer Tucker, will join Faraway as the new Chief Product Officer to ensure a smooth transition for the games under the new company. Yuga Labs will continue collaborating closely with Faraway to ensure interoperability between the games. For example, while still owned by Yuga, the Koda creatures in Legends of the Mara will now contribute to the Faraway points system, enabling players of both games to earn rewards through Faraway's platform.

Solano returned as CEO of Yuga Labs two months ago and expressed his mission to provide more autonomy to the BAYC team while focusing more tightly on successful gaming initiatives. The acquisition of HV-MTL and Legends of the Mara by Faraway aligns with this vision, as Solano believes the Faraway team, with their vision and commitment to community rewards, is best suited to spearhead the future development of these games.


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hope-c

Hope C

Observer of crypto markets and writer of all things crypto.