Two major game IPs were acquired, and Yuga Labs will focus on NFT construction behind its product subtraction.

On April 18, game studio Faraway announced the acquisition of two major game IPs "HV-MTL" and "Legends of the Mara" owned by Yuga Labs and would introduce a new points system for both. This move triggered controversy in the community. and doubt. Why did Yuga Labs choose to divest some gaming products? Why did Faraway become the acquirer, and can it help the game regain market attention?

Two major game brands were acquired and will be introduced into the points system

After more than a year of negotiations, Yuga Labs formally reached a consensus on the acquisition idea at Faraway and successfully acquired HV-MTL and Sewer Passes, Otherside Vessels, Otherside Maras, Otherside Kodamaras, Otherside Ship parts, Otherside Catalyst and Otherside Partner Loot, these games will support cross-game interaction within the Faraway network.

At the same time, HV-MTL and LoTM games will introduce a point system. Among them, all HV series will receive a new metadata field called "HV-MTL Points", and HV Level, Companion and Powerscore will all play a role in determining the user score benchmark. Evolving to EVO-2 and AMP and rare types consumed will also have a certain impact on points; all Kodas and Kodamaras will also receive a new metadata field called "LoTM Points". It should be noted that the Otherside Koda series in Legends of the Mara still remains under the Yuga Labs brand, but can also receive different points based on the NFT asset type. As part of the acquisition, 4,295 undisclosed HVMTL held by Yuga Labs will also be destroyed.

In addition, Faraway also announced the appointment of Yuga Labs chief game officer Spencer Tucker as chief product officer. He has served as president of mobile game studio Scopely Games and has about twenty years of experience in the game industry. He is good at game development, design, Areas such as UGC, Web3 and creative community participation.

However, this acquisition news did not bring a significant boost to the price of Yuga Labs game assets. Magic Eden data shows that in the past 24 hours, the floor of HV-MTL fell to 0.0699 ETH after a brief rise, an increase of only 1.39%; Otherside Vessels increased by 1.3%, with a daily trading volume of only 0.2 ETH; Otherside Maras increased by 1.48% , the daily trading volume is only 5.2 ETH, etc.

The community also has mixed opinions about Faraway’s acquisition. Some members believe that Yuga Labs suddenly sold the game assets to users without communicating with the community, which is an act that does not pay attention to the interests of the holders. . At the same time, the company sells the games with the most profitable prospects. When the price of its own NFT continues to fall, it is difficult for royalties to bring sustainable revenue growth to itself.

However, some people pointed out that professional matters should be left to professionals. Yuga Labs’ long-term inaction on games in the past proved that they lacked the ability to operate games. Faraway may bring about a turnaround.

The acquirer has received nearly US$30 million in financing and has released 3 games

"HV-MTL and LoTM are more suitable for Faraway, who has more gaming genes, and are also the best 'home' ." Yuga Labs said.

Faraway is a blockchain game development studio established in 2021. It includes Web3 game development kit and creator kit, allowing users to use APIs and development tools to build, create and sell games with interoperability Assets and analysis of player activities on the chain, etc., mainly for game development rooms, brands, asset creators and curators, etc. At this stage, it supports Solana, Ethereum and Polygon.

Faraway’s two founders, Alex Paley and Dennis Zdonov, have worked together on multiple projects, including working with Spencer Tucker on the mobile game midcore. To date, Faraway has completed nearly US$30 million in financing, including more than US$8 million in seed round financing raised secretly, including US$21 million in Series A financing, with investors including former FTX, a16z, Lightspeed, Solana, Jump Capital, and Sequoia Capital and Pantera Capital, among others.

The official website shows that Faraway includes 3 games. In addition to the Solana-based shooting game Mini Royale: Faraway, which will be launched in 2021, it also includes the NFT game Serum City and the adventure game Dookey Dash Unclogged launched in cooperation with Yuga Labs. Since Faraway has a precedent of issuing tokens in games, the community speculated on the possibility of issuing tokens after its introduction into Yuga Labs games.

Yuga Labs CEO Greg Solano, who re-elected this year, expressed his recognition of Faraway after the acquisition news was announced. He said that compared to Yuga, the Faraway team has a rich career and they are good at leveraging popular global IP. Create engaging and fun games for the community. At the same time, Faraway is a crypto-native game development team with more than 100 people and has enough energy to build and operate these games. In addition, he also revealed that Yuga Labs will focus more on Metaverse Otherside, Bored Apes and Punks.

It is worth mentioning that Greg Solano revealed in an interview with NFTNOW that although he regretted that Yuga Labs failed to reinvest in Ordinals as soon as possible after the release of the Bitcoin NFT series TwelveFold, sometimes chasing narratives is also very difficult. Dangerous things.

Overall, although this acquisition has not improved the development decline of Yuga Labs, its increased construction of NFT IP may bring about a turnaround in the future, and "HV-MTL" and "Legends of It remains to be seen whether the Mara” can use Faraway to regain market vitality.

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