KEY POINTS
Yuga Labs, the company behind the popular non-fungible token (NFT) collection, Bored Ape Yacht Club (BAYC), has decided to cede the intellectual property (IP) rights for two of its games — “HV-MTL” and “Legends of the Mara.”
As per a recent X (Twitter) post shared on April 17, Web3 gaming studio Faraway has acquired both titles. To facilitate the transition, Yuga Labs’ Chief Gaming Officer will be joining Faraway’s team as the new Chief Product Officer.
HV-MTL combines aspects of a pet simulation and casual world-building game, eventually transforming into a competitive dungeon crawler. On the other hand, Legends of the Mara is a strategic land-based game focused on gathering resources and evolving Vessels into Mara.
“Big news to share: Faraway is acquiring HV-MTL and Legends of the Mara. We’re incredibly excited to take this IP to new heights by building on the strong foundation that Yuga has created,” announced Faraway in an X post.
To mark the acquisition, Faraway plans to reward the community by introducing a new points system for HV-MTL and LoTM NFTs.
Yuga Labs and Faraway have collaborated previously in the Web3 gaming sphere, notably with the public release of Serum City, an NFT game, in February.
This decision to offload its two games may align with Greg Solano’s vision upon reassuming the CEO role at Yuga Labs. “We need to approach games at Yuga with a tighter focus on what works,” Solano articulated in a post on X last February.
The sale occurs amidst a downturn in the NFT market, including the BAYC collection, which recently hit its lowest floor price since August 2021 at 11.08 ETH. BAYC NFT sales have seen a 29% decline over the past 30 days, with the average holding time plummeting by 73% to just 60 days.
