Yuga Labs has transferred the intellectual property rights of two of its games to Faraway, a Web3 gaming company.
Faraway Obtains Yuga Labs' Game IPs
Yuga Labs, known for the NFT collection Bored Ape Yacht Club (BAYC), has transferred the intellectual property (IP) rights for two of its games, HV-MTL and Legends of the Mara, as part of its strategy to refocus the company, as previously announced.
In a post dated April 17 on X platform, Yuga Labs announced that Web3 gaming studio Faraway had acquired the IP. Additionally, Spencer Tucker, Yuga Labs' chief gaming officer, will transition to Faraway as the new chief product officer to maintain continuity for these games within the new organization.
HV-MTL is a game centered around non-fungible tokens (NFTs) and mechs, where players manage and upgrade their NFTs within various local environments. On the other hand, Legends of the Mara is an adventure game integrated into the Otherside metaverse, which was launched on April 30, 2022.
Yuga Labs and Faraway have had a close collaboration, with Faraway previously developing a game themed around Mutant Ape Yacht Club called Serum City.
The decision by Yuga Labs to transfer its gaming intellectual property (IP) to Faraway aligns with a broader initiative to empower the team. This initiative was introduced when co-founder Greg Solano returned to Yuga and took over as CEO in February of this year, replacing Daniel Allegre.
We want to empower the BAYC team at Yuga as much as possible to realize its vision. More focus, more agility,” Greg Solano wrote in a post on X dated February 22, announcing his return to the company.
Expansion through Strategic IP Acquisition
Faraway has completed the acquisition of Yuga Labs' gaming intellectual properties (IPs), HV-MTL and Legends of The Mara, with plans to enrich these IPs through the introduction of a new points system and enhanced integrations.
Key Details:
- Ownership Transfer: Faraway is now the owner of HV-MTL and Legends of The Mara.
- Points System: A new 'HV-MTL Points' and 'LoTM Points' will be incorporated into the NFT metadata.
- Experienced Leadership: Spencer Tucker, a seasoned gaming professional, joins Faraway as the Chief Product Officer.
- Interoperability Focus: Enhancements will promote cross-game interactions within Faraway's gaming ecosystem.
The acquisition of Yuga Labs' gaming IPs by Faraway represents a strategic move to establish an ecosystem of interconnected games that incentivize player engagement and loyalty.
The implementation of a new points system marks an initial phase of this integration. NFTs from HV-MTL and Legends of The Mara will now include additional metadata fields indicating point values derived from various attributes like class, companion, powerscore, and more. These points will significantly enhance the utility and value of these NFTs within Faraway's gaming environment.
Further strengthening the initiative, Spencer Tucker, renowned for his extensive experience in the gaming industry with companies like Glu and Scopely, will lead the product development efforts at Faraway. His expertise will be instrumental in seamlessly integrating the newly acquired IPs and preserving the original vision of the Yuga brands.
