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Michael
Michael
Apr 20, 2024
News

Yuga Labs Sells Otherside Brands and HV-MTL to Faraway

Chief Gaming Officer at Yuga Labs will now serve in Faraway as the company concludes IPs and NFT transfers.
Yuga Labs Sells Otherside Brands and HV-MTL to Faraway

The gaming industry witnessed a significant shift this week as Yuga Labs surprised everyone. The platform announced the sale of HV-MTL and the Otherside brands to Faraway. This move has transferred the intellectual properties (IPs) and other NFT collections to Faraway.

Faraway, known for their web-based FPS game, has now expanded their horizons by acquiring these prominent IPs. This acquisition will propel Faraway into greater prominence within the gaming community. This is especially as they integrate the newly acquired brands into their portfolio.

Accompanying the IP transfer is a notable personnel transition. Spencer Tucker, formerly the Chief Gaming Officer at Yuga Labs, is taking on the role of Chief Product Officer at Faraway. This move has raised discussions about Yuga Labs' future direction, although details remain unclear. However, this strategic shift could ultimately benefit the player base in the long term. This is considering Yuga's limited activity with HV-MTL and the Otherside.

Collections Under Faraway 

Faraway has wasted no time in making strides following the acquisition. They have already announced enhancements to several NFT collections. This includes HV NFTs, Kodas, and Kodamara, introducing a new 'points' system without revealing its exact purpose yet. Interestingly, the Koda collection will remain under Yuga Labs' purview. Thus, highlighting both companies' commitment to NFT interoperability.

With this acquisition, Faraway now boasts ownership of several notable NFT collections. These are HV-MTL, Sewer Passes, Otherside Vessels, Otherside Maras, Otherside Kodamaras, and more. Additionally, Yuga Labs has opened up Kodamara Fusion for Otherside players. This will allow them to evolve their Maras using Catalysts and Sediment Fragments.

Faraway's track record in web3 gaming is solid, evident from their creations such as Mini-Royale and Faraway Land. They have also ventured into creator tools, enabling players to craft custom skins and trade them through the Faraway Shop. Faraway will also partnering with Yuga Labs to relaunch Dookey Dash and developing Serum City for Mutant Ape owners.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
Posted: 20 Apr, 2024 19:18 • Updated: 13 Jun, 2024 14:27
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