Boutros said:
Ico, Shadow of the Colossus and The Last Guardian are three different IPs. Folklore is a new IP too. |
Then Link's Crossbow Training is also a 'new IP'.
The Team ICO titles share the same general setting, world and history. Shadow of the Colossus (aka: NICO) and The Last Guardian (aka: TRICO) are still sequels though, they're all puzzlely adventure games, and they're in the same series. Similar to how Ogre Battle and Tactics Ogre are in the same series and share their IP, even though the games themselves are dramatically different in design and with unique titles.
Folklore is similarly rooted in the same world and story as Jewel Summoner. In fact it's working title was Monster Kingdom: Unknown Realms, and it takes place in the overarching timeline Gaia produced for the series.