Yuga Labs has divested the intellectual property rights for two of its games, HV-MTL and Legends of the Mara, to Faraway, aligning with its strategy to refocus on core projects. Spencer Tucker, former chief gaming officer at Yuga, joins Faraway as chief product officer to ensure game continuity.

The mech-themed game HV-MTL and adventure game Legends of the Mara are now under Faraway’s development. This strategic move follows Yuga Labs’ shift in leadership, with co-founder Greg Solano taking over as CEO in February, emphasizing a desire for greater focus and agility.

The sale of gaming IP comes amidst a downturn in the NFT market, with Bored Ape Yacht Club (BAYC) notably affected. The floor price of BAYC has plummeted by 92% from its peak, reflecting broader market trends. Yuga Labs aims to streamline operations and reinforce its commitment to flagship NFT projects amid these challenges.