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Yuga Labs Sells Iconic Gaming IPs to Faraway

Yuga Labs surprises the gaming community by selling HV-MTL and other IP to Faraway, signaling potential shifts in the web3 gaming landscape.

Eliza Crichton-Stuart author picture}

Eliza Crichton-Stuart

Head of Operations

Yuga Labs Sells Iconic Gaming IPs to Faraway

In a significant move shaking up the web3 gaming industry, Yuga Labs announced the sale of HV-MTL and other IPs to Faraway this week. With Faraway now taking ownership of the intellectual properties (IPs) and most associated NFT collections, the crypto-gaming community is abuzz with speculation about the future direction of these beloved franchises.

In this article, we will cover everything you need to know about how Yuga Labs has surprised the web3 gaming community by selling iconic IPs to Faraway, signaling potential shifts in the web3 gaming landscape. Read on to learn more about the acquisition and its implications for NFT holders.

Yuga Labs Sells Iconic Gaming IPs to Faraway

Iconic Web3 IPs

With backing from prominent investors like Lightspeed, Sequoia, and a16z, Faraway has been making waves in the blockchain gaming scene with the launch of browser-based FPS Mini Royale: Nations and Mutant-themed city-builder Serum City, alongside its creator platform, the Faraway Shop. The acquisition of HV-MTL and other IPs solidifies its position and opens doors for further expansion into web3.

As part of the acquisition, Spencer TuckerYuga's Chief Gaming Officer, will transition to Faraway as its new Chief Product Officer, indicating a strengthening of ties between the two companies. Spencer will be joining the well-known and highly respected Alex Paley, co-founder of Faraway.

However, the move does raise questions about Yuga Labs' future focus on web3 gaming, though both companies have remained tight-lipped about specific plans. While Yuga Labs has made minimal strides with HV-MTL, Faraway's track record suggests a potential revitalization of these IPs. Having already collaborated with Yuga Labs on projects like Dookey Dash, Faraway's commitment to game development is evident.

Dookey Dash Unclogged game image 1.jpg

Kodamara Fusion

Faraway wasted no time making announcements post-acquisition, teasing additions to existing NFT collections such as HV NFTs and Kodas. The introduction of 'points' to these collections hints at future gameplay mechanics yet to be revealed.

As part of the deal, Faraway now boasts ownership of several NFT collections previously associated with Yuga Labs, including HV-MTL, Sewer Passes, Otherside Vessels, and Otherside Maras, among others. Despite this, the Koda collection remains under Yuga Labs' control, emphasizing the importance of NFT interoperability to both parties.

Yuga Labs Sells Iconic Gaming IPs to Faraway

In tandem with the acquisition news, Yuga Labs unveiled Kodamara Fusion, offering Otherside players the opportunity to evolve their Maras using Catalysts and Sediment Fragments, further enhancing gameplay mechanics within the Otherside universe. You can read the official announcement from Yuga Labs here.

More About Faraway?

Faraway, a web3 game development studio, has steadily built a reputation with titles like Mini-Royale and Faraway Land. Their recent acquisition of HV-MTL and other IPs cement their position in the industry, signaling a potential shift in the landscape of web3 gaming.

For those curious about Faraway's past projects and future endeavors, the studio invites players to explore their website, follow them on Twitter, and join their Discord server.


NewsInvestmentsGame Updates

updated:

April 20th 2024

posted:

April 20th 2024

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