Ty, the creator of the Beanie Babies craze, is taking on the online virtual pet world with its release of Beanie Babies 2.0. Ty hopes to compete with the success of Webkinz. Webkinz has dominated the virtual pet world with little competition. Like Webkinz, Beanie Babies 2.0 will be sold as stuffed animals that come with a code that unlocks a virtual world on their website. Once online, the code provides access to games and chat with other Beanie Babies 2.