Yuga Labs made significant strategic decisions recently, selling the IP rights of two games, Legends of the Mara and HV-MTL, to Web3 gaming firm Faraway. This move on April 17 aimed to refocus the organization’s efforts for the future. Along with this transfer, a key leadership change was introduced.
Key Leadership Change:
The decision to sell the IP rights was accompanied by an important personnel change. Spencer Trucker, the chief gaming officer of Yuga Labs, transitioned to Faraway as its new chief product officer. This move was carefully orchestrated to ensure continuity between the two companies and their respective games.
Broader Refocusing Efforts:
Yuga Labs and Faraway have maintained a close partnership over time. Faraway has been instrumental in developing Serum City, a game inspired by the mutant Ape Yacht Club theme. HV-MTL is a non-fungible token (NFT) game that allows players to progress at their own pace in various local environments. On the other hand, Legends of the Mara offers an adventurous experience within the metaverse, with its launch set on April 30, 2022.
Yuga Labs’ decision to transfer its gaming IP to Faraway signifies a larger refocusing strategy within the organization. Co-founder Greg Solana played a pivotal role in this shift when he returned to Yuga, taking over from Daniel Allegre. To underline the focus on the BAYC team at Yuga, Greg Solano announced his return on February 22.
Greg Solano remarked, “I wanted to give the BAYC team at Yuga more focus and agility to execute their vision.”
The Bored Ape Yacht Club (BAYC) NFTs have faced challenges due to market fluctuations. Notably, the flagship collection and other prominent NFT projects have seen significant price declines. The least expensive piece within the BAYC collection is priced at 12.34 Ether, with Ether’s current trading value at $3,009. BAYC has encountered a substantial 92% drop from its peak value recorded on May 1, 2022.
On January 7, Yuga Labs stirred controversy within the NFT community by acquiring the Moonbirds collection and enlisting Kevin Rose as an advisor.
