Focus is the key to quality perfomance. That is exactly what is happening at Yuga Labs after offloading two games from its property in line with recent goals to refocus the organization.
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Here is what we found out for you:
- Yuga Labs sells two games
- Greg Solano returns as CEO
- Reorganization plans are aimed at narrowing down focus
- Brief market analysis
Yuga Labs announced the sale of two of its game’s intellectual property rights to blockchain gaming company Faraway. The selling of the two games, Legends of the Mara and HV-MTL comes only weeks after the BAYC creator issued a statement about plans to refocus its entity. Spencer Tucker, Yuga Labs Chief of Gaming will be joining Faraway as its new chief of product as a way of ensuring the game’s continuity.
Legends of the Mara is a next-gen metaverse-based and Non-Fungible Token (NFT)game where players claim vessels, and embark on a journey. The second game, HV-MTL is an NFTs game where players collect ‘merch’, manage tokens, and level up within their local environments.
The Return of Solano
Yuga Lab’s decision to offload the two games comes after announcing broader plans to reorganize its organization and focus more on a crypto native market niche. This decision was made by Greg Solano after returning as CEO to replace Daniel Allegre. As per Solano’s recent post on X, the end goal is to have more focus and agility in the organization. Therefore this is why they are unshackling some of the IP gaming property under the BAYC team.
In the post, Greg also announced his return as the organization’s CEO. Daniel Alegre spent nine months in the $billion company’s top position but “was pushed out as CEO” stated an article on FastCompany. According to FC, the decision was a result of heightening concerns among Ape holders who seemed agitated by the direction the business was taking.
BAYC Floor Price is Down
The announcement comes at a time when the overal NFT market is witnessing a downtrend, with Yuga Lab’s flagship collection, BAYC among the most affected by the declines.As of this writing, the collection’s floor price is 11.7 ETH, which represents a whopping drop of 92% from the 153.7 ETH all-time high (ATH)
Daniel Left the Group
Some of the reasons that outraged Ape holders could be Yuga Lab’s controversial announcement at the year’s start about the acquisition of Moonbirds Collection. A previous report stated the acquisition would also bring in Kevin Rose, the collection’s creator. Other concerns, although minor, include acquisition plans of Proof Collective and plans to transpose company culture.
This isn’t the first Yuga Labs is working closely with Faraway. Both companies previously developed a themed game called Serum City based on the Mutant Ape Yatch Club (MAYC). The game debuted in February with NFT holders of Bored Ape pieces able to claim free access passes.
