The Lost Island is a place where you can do daily quests. It has been first introduced in the update 1.49.0.
Description: "A mysterious island has appeared, and adorable critters on it need your help! Who knows what adventures await you here?"
Welcome to the Lost Island! Here you will do quests, accepted at the main spawn area from Swoopy, an cute little creature who's home has been destroyed by the evil Puppet Master. Gather wood to help Swoopy and his kind to rebuild their village! Later this year, it is rumored that the new Astral Gem will be released as the "adventure".
Pets cannot be captured in the Lost Island. Many types and fully evolved pets spawn here, however.
Note- Wood is categorized in Currency in the inventory. It is suspected a Merchant or Sales Place will open, using Wood as a purchasing token.