Neopets Meta — Dominic Law, CEO of Neopets Meta, advocated “play-and-earn” Web3 gaming a few months ago. He praised the entirety of Web3 gaming for including all of the key components for an NFT game. Despite the fact that it looks to be a fantastic entry point into Web3 gaming, the Neopets project has been abandoned.
Everyone was taken aback by the abrupt death of Neopets Meta, who appeared to have a lot of potential. The suspension is now under investigation.
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Shutdown
In a blog post on Monday, the Neopets Team announced that the Metaverse and its planned move to the non-crypto phone video game World of Neopets had been canceled.
“TNT has taken a close look at every nook and cranny of Neopets, and after doing so, the decision has been made to transition away from the Neopets Metaverse game and redistribute those resources to the development of a game that we feel can better reflect our values and vision,” the team (TNT) said.
“This decision was not made lightly, but it was made for the best reason: we want to design a game that’s more in line with what the community has been asking for.”
New leadership
The post also mentions that Neopets has changed hands, raising the question of whether Law, the Hong Kong-based Web3 fan who formerly worked for a variety of financial organizations, is still on the team. In truth, he remains on board.
According to his LinkedIn page, Law is still a member of the Neopets Meta team. His title, however, has been changed from “Chief Metaverse Officer” to CEO. In any event, it’s unclear if the decision to remove Neopets from NFTs was made by him or someone else.
Independence
Neopets will be self-sufficient once more after 18 years following the conclusion of a management buyout. Viacom purchased it in 2005 and then sold it to Jumpstart. NetDragon, a Japanese game business that had just acquired Jumpstart, then purchased the company.
“Free from the corporate baggage that existed in the past, the newly united TNT has now been entrusted with the decision-making and overall brand strategy of Neopets,” the post announced.
“World of Neopia,” the new Neopets Meta entity, promises fans frequent updates, a brand ambassador program, and AMAs. TNT intends to launch a new Neopets website on July 20 that will use an emulator to upgrade outdated Flash games and make them playable on newer devices.
Reception to the Neopets Meta news
Twitter users referred to the cancellation of the Neopets NFT game as a “rug-pull.”
In any event, the business said on Twitter that it will keep supporting the Web3 community. The organization reinforced the plan in a blog post, stressing that a Discord channel for NFT holders will remain open.
Despite the fact that TNT exploited some of the most valuable assets from the failed game, it is unclear whether NFT owners would be entitled to refunds or other benefits in the future crypto-free mobile game. According to a Neopets spokesman, the company intends to provide incentives such as digital “NC” in-game cash and digital merchandise.
“We are so grateful for the support of the community that has sprung up around the Neopets digital collectable lines, and as a sign of our appreciation, we will be announcing more details on future perks soon,” said the representative.
“These may include physical merch, NC items, NC, access to IRL events, and more.”
The community’s dissatisfaction is said to have influenced Neopets’ decision to cease NFTs, however a representative addressed the issue, saying:
“Listening to the voices of the community is paramount to the success of our brand. It’s important to our team to listen to the needs and wants of our fans – this is what’s best for Neopets overall.”
The crypto agenda
NFT integrations were previously examined, which may surprise returning Neopets lovers. In 2018, for example, the business experimented with Ethereum NFTs. However, according to fansite JellyNeo, just 1,800 NFTs were sold, earning a measly $14,500 at the time.
TNT claimed to have been losing money on Neopets for over a decade before receiving a $4 million investment from a group of venture capital firms that included:
- Avalanche’s Blizzard Ecosystem Fund
- HashKey Digital
- IDG Capital
- NetDragon
- Polygon Ventures
According to a spokesman, despite the transition away from NFTs, Neopets lovers remain loyal to the brand.
“Our investors believe in the team’s ability to execute on building a brighter future for Neopets,” the representative noted. “They are extremely supportive of our vision for the IP and what we have in the pipeline.”
Xiao Xiao, the director of HashKey Investment, stated at the January fundraising announcement that Neopets had enormous potential because of its NFTs and P2E capabilities. Law’s execution and delivery abilities surprised him.
P2E games, according to Law, are similar to Ponzi schemes, and he favours a Web3 gaming paradigm that precludes speculators from manipulating markets by emphasizing gameplay rather than manipulating the market.
The NFT game, according to Law, will capture the essence of the Neopets community. In contrast, the Neopets team is currently moving away from NFTs, which is the greatest alternative for the community.
