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Yuga Labs Transfers Intellectual Property Rights of Two NFT Games in Tactical Decision – Here’s the Update
On April 17, Yuga Labs transferred the intellectual property rights of its two games, Legends of the Mara and HV-MTL, to the Web3 gaming company Faraway in a strategic initiative aimed at refocusing the organization. This decision was accompanied by a significant leadership change.
At the same time, Yuga Labs revealed that Spencer Trucker, its chief gaming officer, would take on the role of chief product officer at Faraway. This transition is intended to ensure continuity between the two firms and their respective games.
Yuga Labs’ Strategic Collaboration with Faraway
Yuga Labs and Faraway have maintained a close collaboration for some time, with Faraway working on Serum City, a game inspired by the mutant Ape Yacht Club theme.
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… https://t.co/twXnFsUYG1
— Yuga Labs (@yugalabs) April 17, 2024
HV-MTL is a non-fungible token (NFT) game that allows players to progress at their own pace within local environments. Legends of the Mara is an adventure game set in the metaverse, which was launched on April 30, 2022.
Yuga’s choice to transfer its gaming intellectual property to Faraway signifies a broader strategy to realign the organization’s focus. Co-founder Greg Solano introduced this concept upon his return to Yuga, succeeding Dnaiel Allegre.
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On February 22, Greg Solano announced his return to X, expressing his desire to provide the BAYC team at Yuga with greater focus and agility to realize their vision.
The Condition of BAYC NFTs Amid Yuga Labs’ Restructuring Initiatives
BAYC NFTs have been among the most impacted NFT collections due to the overall market downturn. The flagship collection and other notable NFT projects have witnessed a significant drop in prices.
The lowest price of the BAYC collection stands at 12.34 Ether, with the current trading price of Ether at $3,009. Overall, BAYC has experienced a 92% decrease from its all-time high of 153.7 ETH on May 1, 2022.
On January 7, Yuga Labs stirred controversy within the NFT community by announcing the acquisition of the Moonbirds collection and appointing Kevin Rose as an adviser.
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