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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!
Follow @jellyneo on Twitter for all the latest #Neopets news!

There are 51 comments below. Add yours!

problematicperiplum, November 19, 2021 11:11 AM NST
The fact that people are still defending this project and want to see it replace the neopets.com website (I hate that I now have to specify that I'm talking about the website and not the Neopets brand now because of Metaverse). Just argued with someone on Twitter about Metaverse and wht they had to say was just appalling to say the least.
problematicperiplum, November 19, 2021 11:15 AM NST
Lets's also not forget that im the same press release, it says that the money made from the NFTs will be used to make even more NFTs and there is zero mention of any profit made going to the Neopets.com staff to help the site rehabilitate. Gross.

"The proceeds from the NFT sale, combined with additional investments from Neopets and the NetDragon group of companies, will be used to further develop the next generation of games related to the IP across both traditional web and blockchain-based protocols, keeping Neopia thriving as we evolve from web 1.0 to web 3.0. "
frangypanny, November 19, 2021 12:01 PM NST
Bold to assume that this project was successful...given the obvious facts (very bad reaction of the actual players, discrimination from mods, by far not as much sold as intended, scam of the scam...) I‘d say it was an immense failure and very bad for the image of the brand in general!
jaudaran, November 19, 2021 12:54 PM NST
"very strong interest from both the existing Neopets community"

I'm absolutely livid. I don't have any JN-appropriate language for this.
herdy - JN Staff, November 19, 2021 12:59 PM NST
These people haven't deserved your money for a long while. Now they don't even deserve your time.
coryldork, November 19, 2021 1:35 PM NST
"Did we get money?" "Yes." "Then it was a success!" "But what about profits?" It's not like they really had any costs to this project other than hiring terrible mods and ripping off DTI's code for creating NFTs. I wouldn't be surprised if the scam account that took tens of thousands also went into their pockets, tbh. It feels like the Neopets Metaverse would sink that low - especially considering the timeline of this with the limited days to cash in. NFTs aside, the process is SO scammy and scummy.

I hope they silently crawl back to the shadows with their tail between their legs at how much of a crap-show this whole thing was.
thecrazyoo, November 19, 2021 2:31 PM NST
"We at Jellyneo continue to be inspired by your support for Neopets (and for us!). Thank you!"

I'm sorry, but... Yes, Jellyneo has 100% of my support, but I can't say the same for Neopets. I just don't trust this company anymore. I still care for the site because it was my home for years, but the good memories are in the past now.
tree, November 19, 2021 2:31 PM NST
The Neopets Metaverse discord has been steadily losing members every day, as a side note
mavegibson, November 19, 2021 3:10 PM NST
When someone runs a scam, anything they get out of it is a success.
swevin, November 19, 2021 4:01 PM NST
Is it bad that I don't feel sorry for those who didn't get their NFT's in time?
friendshipwreck, November 19, 2021 5:21 PM NST
I came back to neopets the other day (school was keeping me away for months) and was bummed to find it entangled in an NFT cashgrab. But the community backlash and Jellyneo's lovingly crafted take-downs are sustaining me. Great work JN. Hope you never have to do this again.
ifloatupwards, November 19, 2021 5:24 PM NST
I can't say that I am surprised that the venture was a big flop. Maybe those who lost out learned a lesson? Probably not though...
dusk, November 19, 2021 6:26 PM NST
I'd start singing "ding dong the Wicked Witch is dead" but I have this habit where I get excited and it comes back to bite me in the butt...

For now, I shall hope things are at least over for the time being. I miss being on Neo.
galifan, November 19, 2021 6:26 PM NST
TNT could have offered to let them make NFTs out of the Dung Mote Lollypop and the Snot Dog, think of the missed opportunities.
stories2btold, November 19, 2021 7:16 PM NST
So I take NFT actually stands for Not F**king True?
winterland, November 19, 2021 7:46 PM NST
"We at Jellyneo continue to be inspired by your support for Neopets (and for us!). Thank you!"

Thank you as well!

I... will ignore the rest of this update... I dont have any positive things to say to this.

Wonder how TNT its doing... needing to deal with netdragon decisions... and this "success"
maknaetani, November 19, 2021 7:52 PM NST
Yikes @ that NetDragon statement
roshchodesh, November 19, 2021 9:40 PM NST
I'm sorry - this whole flaming fiasco, complete with snide, sarcastic commentary that lacks a shred of care for your fellow, is part of of a world
wide crisis of stepping on people's
roshchodesh, November 19, 2021 9:46 PM NST
...backs to grab money or power, It's rampant, everywhere. I weep for the future
clock_flower, November 20, 2021 1:30 AM NST
Can't help but feel for the folks who paid for one but couldn't redeem it, that's just straight-up highway robbery. Was the 3-day redemption period even advertised? I can't remember hearing anything about that in any of the updates. They could legitimately get in legal hot water for that (and honestly, I hope they do because then they'll HAVE to abandon this NFT nonsense... I hope).
I get the distinct impression from that press release that it was actually a canned response they prepared at the beginning of the project long before releasing the NFTs, expecting it would be a success. Talk about counting your chickens before they're hatched... If that were the case, then they were just planning on going ahead anyway regardless of how things turned out and... I have no words for that, honestly, apart from "pure stupidity". Is there ANYTHING that can stop these whackjobs? ANYTHING??
peppermint, November 20, 2021 2:46 AM NST
The 3 day timeline was idiotic... what was the purpose of it? The reasoning behind it? The logic? If the thing has been bought, then it should be bought, what was the rush to shut the whole thing down so fast?

I didn't buy one of these things, so I don't have a pony in this race, but having such a short window to act doesn't make sense to me. Seems like at the very least it should have been a full week.
escalusross, November 20, 2021 2:47 AM NST
Seems that "fake it until you make it" has become thee 21st century motto for business and politics.
recklesse, November 20, 2021 4:29 AM NST
Whatever next?

Oh, look! They just handed everybody 500 NC. That was nice of them.

But now, the goodwill that bought them comes with a side order of suspicion. Are they going to turn around and say 'Look at the upswing in popularity the NFT sale brought to the NC Mall'.

There's really nothing TNT can do to make this better now. Everything is tainted.

Clearly NetDragon is committed to crypto and they won't let anything stand in their way.
ghostwolfe9, November 20, 2021 4:57 AM NST
There is some hardcore psychological manipulation at work here. Using short time frames and limited quantities to create fear of missing out (FOMO). The randomisation element gives that endorphin rush of gambling. Meanwhile, Metaverse’s return on investment probably looks great, considering how little money it costs to make their “product”.
roshchodesh, November 20, 2021 5:33 AM NST
In the meantime, zero has been invested in neopets or the players who supported it. We have less to play than twenty years ago. And wau less reason to go to the site.
roshchodesh, November 20, 2021 5:33 AM NST
In the meantime, zero has been invested in neopets or the players who supported it. We have less to play than twenty years ago. And wau less reason to go to the site.
tpandai, November 20, 2021 8:20 AM NST
Neopets deserves to be in better hands. Its very clear that netdragon is only interested in squeezing the brand for every last penny and no doubt once they feel like they have, they will end support for the site. I so wish there was a way to get the site out of nd’s hands and into the hands of a group who actually cares about it.
nobody, November 20, 2021 4:00 PM NST
I'm supposed to be running a creative event on neo and this whole thing has had me so depressed about neopets the last two months that I've been avoiding neo from the stress it causes. It's all upsetting.
howdareyoufreezeme1 - JN Staff, November 20, 2021 7:31 PM NST
The 3-day redemption period was on the blog post for the drop plan, T&C's, multiple tweets, and multiple @everyone Discord posts. But where it *wasn't* was the page where you buy the token (which is also the same page where you redeem the token for an NFT). So while it wasn't *easy* to miss, it was definitely *possible* to miss.

It's one thing to adhere strictly to your policies; there's at least an internal logic to that. It's another thing to be dismissive and even mean about it. There are ways to be kind while still being firm, any schmo who's worked in retail/service can do it. The team there keeps finding new ways to be classless and unprofesh.
minidriver, November 20, 2021 8:14 PM NST
Time to leave a flaming bag of NFTs on the Neopets Metaverse's office doorstep.
astrodime, November 21, 2021 1:38 AM NST
I truly do not understand the point in purchasing the NFTs in the first place. What do they do with them? Where do they go? Were they actually being sold by neopets? My little rat brain cannot comprehend people participating in this. Condolences to those who got majorly scammed through this endeavor.
recklesse, November 21, 2021 5:06 AM NST
@astrodime, most of the buyers are cryptocurrency owners hoping to resell their 'investment' to other 'crypto-enthusiasts', or new 'recruits' to that space, for a profit. It's a form of gambling.

Whether they were being sold by Neopets is more problematic. Someone might have a clearer idea than I do, but the short answer is probably no. Not the Neopets website we are familiar with.

Both NetDragon and the Neopets Metaverse project team claim the seller to be Neopets, Inc. but TNT at Neopets.com seem to have been completely left out in the cold and have no direct involvement with the project. It looks like neopets.com and NeopetsMetaverseCollection are two completely separate subdivisions of Neopets, Inc.

Yes. It is confusing.
ghostwolfe9, November 21, 2021 5:16 AM NST
By making them artificially limited, they are trying to position them as “collectibles” in the hope that people who missed out will pay more to get their hands on one.

It’s like a rare trading card. Except that a trading card is a physical thing that you can actually possess.
beyondelsewhere, November 21, 2021 6:13 AM NST
Re the update: can I just express once more how much I adore you JN folk. Because you are the best.
lucy_haha, November 21, 2021 9:19 AM NST
They don't give a dung on us saying their claim is wrong. This is just typical Hong Kong company style. You guys aren't even living in Hong Kong or producing loud enough voice here. If not close to nothing. And worse you know little to none Chinese.
hollyfrosty, November 21, 2021 9:43 AM NST
I don't know the specifics of how companies in Hong Kong tend to operate, but you're probably right. Why do they care about nuanced, detailed complaints in English if it ultimately led to them making some money? This will only stop once Neopets crypto stops being profitable for them (which hopefully will be only one more round of this, when the NFT community goes "uhhh, neopets? you mean the ones behind the LAST disaster??? nty glt"
tycooncorb, November 21, 2021 10:37 AM NST
This played out exactly how everyone expected and will continue to play out as a scam.

I'm sorry to anyone who actually fell into any of this. If people are interested in crypto please purchase from a reputable source. Crypto is very dark-web esque and is not monitored properly, this whole Neopets NFT scam highlights that government is really going to have to get involved to police this stuff. If this scam can happen with Neopets I can just imagine the amount of money laundering and other nonsense going on out there with Crypto currencies.
tycooncorb, November 21, 2021 10:42 AM NST
The real sad part is there is such a large Neopets community they could continue to make money from. There is such amazing opportunity with this site for growth and the community is very strong it would be happy to help, me along with other are happy to throw money at this site. However they don't care about this site or the community, they care about money in anyway they can...there is very shady people in charge here...
tycooncorb, November 21, 2021 10:47 AM NST
On a side note I'm not sure why anybody is taking this seriously when nobody knows who even is running this...we have "moderators" with random names nobody even knows. These people should have proper photographs and full names if it was a legit business, you're throwing your money at things/people with no idea who is behind the screen, and then expecting some kind of refund...it would never happen. I mean it's all very sad but this screams SCAM so loudly.
ummy - JN Staff, November 21, 2021 3:35 PM NST
^it's just like how most scams deliberately use poor English with bad typos because they are targeting the people who aren't observant or knowledable enough to realise the people behind it are shady.
thecrazyoo, November 21, 2021 4:17 PM NST
Oh no how dare you burn my NFTopet!
I love you guys so much
pinkie_2525, November 21, 2021 8:35 PM NST
i see the ponzi scheme is going well
katina_choovanski, November 21, 2021 10:55 PM NST
Sad that they don't know the difference between a declaration of success and a delusion.
puppyresidue, November 22, 2021 11:48 AM NST
I know it's not really the point but I just want you to know that as a trans person it means a lot to me that you call out the transphobia behind this whole mess. Thank you for making me feel safe, Jellyneo <3
galifan, November 23, 2021 9:34 AM NST
Did they recently update Island Builders?
infernodragon02, November 23, 2021 11:26 AM NST
$2 million scammed. Success!
infernodragon02, November 23, 2021 11:31 AM NST
As for the toxicity, yeah. It's basically a pack of hungry dogs turning on one another. The disadvantaged ones are getting a taste of how pathetically self-righteous the group of goons are, much to their chagrin. Welcome to the club, buddies.

Can't feel too sorry about it, but hopefully j0hn and the others will feel the big stamp of karma soon too.
infernodragon02, November 23, 2021 11:34 AM NST
I do love the comparison of something that doesn't exist to milk and game tickets, though.

As if we needed help making the point that NFTs are a shell game run by horrible people.
roshchodesh, December 1, 2021 5:51 AM NST
Nothing up my sleeve

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