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Neopets NFTs – Scam or Smart Investment?

Last Updated on March 28, 2022 by tim

Neopets starting selling NFTs in November 2021. Despite the community outcry that saw no need for Neopets NFTs, the sale proceeded as planned. What is the current state of the Neopets NFT market?

The Neopets Metaverse lists 3 official NFT marketplaces where you can purchase Neopets NFTs: Solanart, Magic Eden, and Solsea. Of the 3 exchanges, as of the time this post was written the cheapest Neopets NFT costed 0.88 SOL on Magic Eden – a Water Kacheek with a Nutcracker Hat. At the current Solana price of $78.71, that is around $69.26.

As you probably expect, the price for the most expensive Neopets NFT is through the roof. Solanart has a Wraith Kougra listed at 20,000 SOL, around $1,574,200.

All 3 NFT marketplaces do list general market data that is useful to try and see how big the Neopets NFT market is. Solsea has 14 listed NFTs and a volume of 7.61 SOL. Solanart has 670 listed and 2.06k SOL volume. Magic Eden has 151 listed and 2357.37 SOL volume.

So the market does not seem that big. The primary issue I see with Neopets NFTs is that it is difficult to price a NFT. Pricing seems to be random and there doesn’t seem to be a correlation between rare pet traits and NFT prices.

The NFTs also have no use outside of collecting. These days with NFT games popping up all over the place it would have been a good idea to build some sort of game around these Neopets NFTs.

The community backlash was also not helpful. Neopets is a dying game but still has a small, dedicated community that play the game. Any Neopets project needs to have this community fully on-board or the project is likely to not take off. The community should have been more involved.

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