In a significant restructuring of its gaming portfolio, Yuga Labs, the visionary force behind Bored Ape Yacht Club (BAYC), has sold its HV-MTL and Legends of the Mara games to emerging Web3 gaming powerhouse Faraway. This strategic move not only simplifies Yuga’s asset base, but also sharpens the focus on its key initiatives, especially the Otherside metaverse.
Strategic divestments for a focused future
The recent acquisition by Faraway includes the two games along with their associated NFT collections. To ensure continuity and leverage expertise, Spencer Tucker, the former Chief Gaming Officer at Yuga Labs, will join Faraway as the new Chief Product Officer. This transition is indicative of Yuga Labs’ intention to maintain strong ties to the games even as they pass the development baton.
Focus on core strengths
Yuga Labs’ strategic decision to divest comes from a desire to focus more deeply on their flagship projects: the ApeCoin-powered Otherside and the Bored Ape-themed Dookey Dash. As Dookey Dash evolves into a free-to-play game launching soon under Faraway’s leadership, Yuga Labs is looking to improve and expand its core gaming experiences within the NFT space.
Greg Solano, co-founder and CEO of Yuga Labs, recently reiterated the company’s focused strategy via a tweet, signaling further exciting developments in their flagship projects. He highlighted the shift towards improving narrative experiences within Otherside’s 3D metaverse platform.
The distant collaboration: a new chapter
This transaction also marks a notable collaboration between Yuga Labs and Faraway. The latter has previously demonstrated its prowess in the Web3 gaming domain with successful titles such as Mini Royale: Nations and Serum City. This partnership aims to further explore interoperability options and improve the gaming experience for users of both HV-MTL and Legends of the Mara through integrated reward systems.
We have exciting news to share. Our friends @Farawaygg are acquiring the HV-MTL and LoTM brands, where they will focus on rewarding these communities. To help manage this transition, @EverydayZukini will join the Faraway team as the new CPO.
More info in the thread… https://t.co/twXnFsUYG1
— Yuga Labs (@yugalabs) April 17, 2024
Yuga Labs: Expanding Horizons
As Yuga Labs sharpens its focus on game development, it continues to grow its influence in the NFT landscape, recently integrating the Moonbirds collection following its acquisition of Proof. This expansion not only diversifies Yuga’s asset portfolio, but also solidifies its position as a leading innovator in the NFT space.
TL; DR
Yuga Labs strategically sold HV-MTL and Legends of the Mara to Faraway, with the aim of focusing its resources on improving its major projects such as Otherside. This move will allow Yuga to streamline its operations while ensuring its remaining businesses receive the attention needed to thrive in the competitive NFT market.
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