Before we continue, you have to know something about Peter Pan.
That something is: Everything you know is wrong.
Peter Pan is not a good, happy, flying boy. He kidnaps children and uses their belief to power Neverland's magic.
Neverland exists on belief. But that power is quickly running out, so ever since the beginning, Peter has been searching for a person, a child. The child with the strongest belief in the universe.
You might say Peter Pan is the direct opposite of Jack Frost. Peter kidnaps and exploits children for their belief; Jack protects that same belief and saves children.
But Elaine would never wake unless Jack was able to make some sort of arrangement with Peter and find the center of her dreams.
For Neverland is the ancient homeland of the Dreaming, the place we all go when we dream. It was also the original home of Sanderson Mansnoozie, the Sandman.
But ever since Peter Pan had landed, and his hostile take over (with the help of the Shadow) the Sandman had be exiled to the Guardian headquarters.
Jack was remembering all of this as he landed on Neverland shore.
"Welcome, Jackson Overland Frost." Peter smiled as Jack realized that his powers were useless; that in fact, he couldn't even fly here. "The Shadow told me you would be here soon."
"Face it Peter," Jack snapped. "That Shadow is just Pitch."
The Shadow waved merrily and mockingly at Jack and then gestured to the bush of Neverland.
"You're free to enter the Dreaming." Peter said. "If you can face your Fears and Nightmares...then I might just let you free your girl."
Peter Pan winked at him.
"Let's see how long your belief lasts." Peter said. "Or if you sink into despair."
He saluted to the Shadow; to Pitch, and the two flew off to the observatory, which was postered with drawings of a boy, the Believer—not yet born.