Neopets Enters the Metaverse, Raises 4$M in Funding Round
Neopets Metaverse announces the successful completion of its most recent funding round, securing $4 million in funds, led by Polygon Ventures. Blizzard Avalanche Ecosystem Fund, Hashkey Capital, IDG Capital, and gaming titan NetDragon Websoft were among the industry pioneers who participated in this round.
Neopets was founded in 1999 and is best known for its classic browser game (www.neopets.com), which has gained attention from over 150 million people worldwide. Neopets Metaverse, the IP's most recent initiative, intends to move the popular virtual pet game into the decentralized world, allowing users to own and sell their gaming items on the blockchain. The game will be available for free to both crypto natives and casual users.
Neopets' Chief Metaverse Officer, Dominic, expressed the company's excitement at having "garnered such strong support" from its investors. He further stated that the funds will enable the business to offer the Neopets community an immersive and inclusive experience. In the metaverse sector, where many technologies work to make virtual environments seem genuine, the word "immersive" is a buzzword.
"We are thrilled to garner such strong support from our investors," said Dominic, Neopets Meta Chief Metaverse Officer. "This funding will allow us to provide a genuinely inclusive and immersive gaming experience that will capture the spirit of the Neopets community."
Neopets Metaverse is positioned to continue expanding with the help of this round of funding, delivering the magic of Neopets to old players in a completely new light and luring a new generation of Neopians.
Through non-fungible tokens, Neopets will let users own their "Neopets." NFTs are often used in play-to-earn games to provide players ownership of digital assets, allowing users to trade their assets in the secondary market.
"We believe that GameFi plays a crucial role in the larger metaverse narrative, serving as the interactive layer in the value chain and a key driver of traffic across web 2 and web 3. The Neopets IP, in particular, has a massive fan base and we see great potential in its NFT and P2E features, which allow gamers to truly own and control their assets. We are also honored to have the opportunity to work with founders like Dominic who can always execute and deliver," says Xiao Xiao, Investment Director of HashKey Capital.