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Dave
Neopets Metaverse Minting Wraps, NetDragon Declares "Success"
  • Posted by Dave
  • Posted on November 19, 2021, 11:07 am NST

UPDATE: As we mentioned a few times now, the time has come to shut down our free NFTopets project. In the spirit of closure, we have "burned" all of the NFTopets, which you can see below!






It's been almost two months since the Neopets Metaverse Collection (NMC) was first announced, and at long last, we can officially call this sales endeavour "done," as the minting process for claiming your NFT Neopets ended yesterday at 2:00 AM NST.

Here's a highlight of what we've endured during this project—a mess from beginning to end:


Unredeemed Tokens Now Worthless
In case you didn't know, the NFT Neopets were not actually being sold during the purchase period. Instead, separate tokens called "NMCs" were sold, which later could be redeemed for an actual NFT Neopet. The redemption period for NMCs lasted for only 3 days, and if you missed this redemption period, you cannot obtain an NFT. (Effectively spending hundreds of dollars on nothing.)

Of the 4,533 NMC tokens either sold or given away, only 4,224 were ultimately turned into NFTs during the 3-day redemption period. 309 of the purchased tokens were left unredeemed, and can now no longer be turned into NFTs, rendering them useless.

This (significant) financial loss is upsetting to those unlucky folks who didn't redeem:


Here are those who did get to mint ragging on those unlucky folks who lost hundreds of dollars. Just so we're clear—letting a gallon of milk spoil is nowhere remotely close to having $500 turned into $0. (Just another of countless examples of how toxic the NFT community is.)


Here is Metaverse leader, HappyMist, talking about not giving into blackmail since they've effectively stolen thousands of dollars without providing a product:


And lastly, here is community moderator j0hn—quite frankly the least professional, the most unhelpful, and the most snarky of the moderators—offering no condolences for the rug pull:


The Secondary Market
A secondary market was opened up on Solanart, where users can sell NFTs among themselves (think a Trading Post for NFTs).

Since the marketplace opened 4 days ago, the secondary market has been unexciting: the "floor price" (cheapest available NFT price) is securely below 1 SOL, which is a loss to anyone who paid for an NMC. The average resale price is a bit below the average purchase price as well, meaning anyone attempting to sell to another user is likely losing money.

Here's a graph showing the secondary market sales volume and average price over the past few days:


Thanks to JN staffer Pasqui for preparing this and monitoring sales!

Parent Company NetDragon Declares Success
In what was probably the most disappointing update in the past day, Neopets' parent company NetDragon put out a press release declaring the sale "successful."


The release ignores the fact that only 4,233 of the initially promised 20,000 NFTs sold. We're not sure how they did the math, but by our count, selling only 21% of the announced product is a complete and abject failure. If the Metaverse team was creating a physical product, they'd be in dire financial straits.

More concerning, the press release goes on to say:

Importantly, the NFT sale garnered very strong interest from both the existing Neopets community as well as the vibrant blockchain enthusiasts' community, with more than 32,000 followers of our NFT project registered over the last two months on social media channels dedicated to this project.

The strong following signals significant demand for digital memorabilia and future developments behind the Neopets brand, which launched its online, virtual world of Neopia and its beloved Neopets characters more than 20 years ago, becoming one of the most popular online games in history.

There's a lot to unpack there, so let's do so:

(1) The "very strong interest from the existing Neopets community"... well, uh, we can't say that's wrong. There was very strong interest in the project. But the interest was in seeing the project fail, not in actually making purchases. You can, however, argue that the "very strong" interest from the "blockchain enthusiasts' community" is a lie, considering they couldn't even sell half of what was eventually put up for purchase.

(2) The alleged "32,000" followers is a blatant lie by NetDragon. They simply added up the number of Twitter followers (24.7k) and the number of verified Discord members (7.89k) to get 32,000. Followers are likely being double counted to inflate the quoted number.

(3) Third, they follow-up by indicating this falsely represented demand shows demand for more digital collectible and NFT projects in the future. Hoo boy... we'll let the rest of our post speak for what we think of this one.

What's Next?
Currently, we are waiting to hear more about the alleged development of the overly-ambitious Metaverse roadmap. Since creating a new game from the ground up can take months, if not years, we don't expect to see or hear anything for quite some time. So until then, this will be Jellyneo's last update about the Neopets Metaverse project for quite some time. (We hope.)

We will continue to watch for the Quidd project that's in the works, but even its own community is doubtful that anything new will launch as Quidd has slowed down significantly on development.

While our #NoNeoNFTs informational page will remain up indefinitely, we look forward to putting the Metaverse to bed and moving on.

We still encourage you to light up Neopets on social media by telling them: #NoNeoNFTs—especially now that NetDragon seems to think there's "strong interest" for more!

In the meantime, Neopia chugs along. In the same timespan as all the nonsense above, we've welcomed 10 new Neopet colours, Jellyneo put on its 13th annual costume contest, our pets went trick-or-treating, and we even got a new site beta update that included updated maps and three converted games.

Oh, and Neopets celebrated its 22nd birthday! A reminder that the Neopets site—and its players—have been through so much over all of these years, and the community stands strong. We at Jellyneo continue to be inspired by your support for Neopets (and for us!). Thank you!
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