Neopets raises $4M in funding to bring classic Web2 games to the metaverse

Neopets raises $4M in funding to bring classic Web2 games to the metaverse

Bringing 90s classics to the metaverse will soon become a reality following a successful funding round by Neopets. The company intends to reimagine its classic game made for the browser and make it available to its 150 million fans via the metaverse.

Support from big names in the industry

In a release from the company on January 18, the Neopets team said it raised $4 million from an investment round.

The funding round attracted some big names in the GameFi and blockchain space, such as Polygon Ventures, IDG Capital, Blizzard Avalanche Ecosystem Fund, Hashkey Capital, and gaming giant, NetDragon Websoft.

The success of the funding and the involvement of top industry leaders is a testimony to the confidence reposed in the prospects of the proposed Neopets Metaverse.

A bridge to Web3

In a reaction, Xiao Xiao, Investment Director of HashKey Capital and one of the participants in the funding, said that the GameFi space is a bridge between Web2 and Web3 and will continue to play an important role in driving adoption. He said that the advantage that Neopets has is its large fanbase which the company will leverage to benefit from the NFT space:

 “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. We are also honored to have the opportunity to work with founders like Dominic who can always execute and deliver.”

Neopets has been a player in the gaming industry since 1999. Its classic browser-based game is so popular that it attracted millions of players.

With the advent of blockchain gaming, it is not surprising that the company has moved to bring the 90s Classics to Gen Z gamers. With 150 million fans globally, the company’s new project, the Neopet metaverse, seeks to bring its popular classic browser game to Web3.

This brings the platform’s virtual pets to the decentralized web for the first time. This offers players values such as monetization of their gaming via the opportunities in blockchain. The company said that the new metaverse game would be accessible to holders of its native metaverse token and traditional players.

Ed Chang, Head of Gaming at Ava Labs, described Neopets as a “timeless IP”. He added that Ava Labs is collaborating with Neopets to build the gaming metaverse:

“Ava Labs is investing in Neopets to support their goal of building an eco-friendly, fast, and low gas metaverse experience and will be working closely with them to bring a top notch product to gamers,”

Meeting the needs of the Neopets community

A statement from Neopets said that the company is thrilled by its investors’ support. It stated:

“This funding will allow us to provide a genuinely inclusive and immersive gaming experience that will capture the spirit of the Neopets community.” 

The move that Neopets has made towards the decentralized web came after another milestone by the company with the launch of Neopets Meta Alpha: Winter Edition, which was well received by the gaming community. The game features the Neopia Central and Terror Mountain lands. The game will be available on the Neopets Metaverse platform until the end of January.

The Neopets team further stated that the recent funding would enable it to continue with expansion programs that bring immersive games with breathtaking gameplay to its users. All of this is possible through what they described as the “magic of Neopets”.

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