Yuga Labs, the company behind the renowned Bored Ape Yacht Club (BAYC) NFT collection, has offloaded the intellectual property (IP) rights of two of its games to Web3 gaming firm Faraway.

The games in question, HV-MTL and Legends of the Mara, have been acquired by Faraway, a move that aligns with Yuga Labs' broader initiative to "unshackle" its BAYC team and provide them with greater focus and agility.

HV-MTL is an NFT-centric "mech" game where players manage and level up their NFTs, as well as their local environments. Legends of the Mara, on the other hand, is an adventure game that functions as part of the Otherside metaverse, which was launched by Yuga Labs in April 2022.

The decision to transfer the gaming IPs to Faraway comes after Yuga Labs' co-founder, Greg Solano, rejoined the company in February 2023 and assumed the role of CEO, replacing Daniel Allegre.

In a post to X (formerly Twitter), Solano emphasized Yuga's desire to "unshackle the BAYC team" and provide them with greater focus and agility to execute their vision. This strategic shift appears to be a key part of Yuga's broader efforts to streamline its operations and concentrate on its core business.

Faraway, a Web3 gaming studio, has a longstanding relationship with Yuga Labs, having previously developed a Mutant Ape Yacht Club-themed game called Serum City. With the acquisition of the HV-MTL and Legends of the Mara IPs, Faraway aims to ensure continuity and build upon the existing games.

As part of the deal, Yuga Labs' chief gaming officer, Spencer Tucker, will be joining Faraway as the new Chief Product Officer, further solidifying the collaboration between the two companies.

This offloading of gaming IPs is a significant move in Yuga Labs' journey, as the company looks to sharpen its focus and enable its BAYC team to operate with greater agility. By handing over the development and management of these games to Faraway, Yuga can redirect its resources and attention towards its core NFT collections and metaverse initiatives.

The Bored Ape Yacht Club has been a standout success in the world of NFTs, with its iconic ape-themed digital art commanding high prices and garnering significant attention from the crypto community. Yuga Labs' decision to offload its gaming IPs suggests a strategic shift towards consolidating its efforts around its flagship NFT projects and the broader Otherside metaverse.

Yuga Labs' move to streamline its focus and collaborate with Faraway on gaming initiatives could be a significant step in strengthening its position and ensuring the long-term success of its BAYC ecosystem.

As the company navigates this transition, it will be interesting to see how the BAYC team, now unshackled, will leverage their newfound agility to drive innovation and solidify Yuga Labs' place at the forefront of the NFT and metaverse space.

Overall, this strategic offloading of gaming IPs reflects Yuga Labs' commitment to refine its operations, empower its core team, and position itself for continued growth .