Topps’ NFT Journey
This week, collectibles company Topps addressed its customers regarding its non-fungible token (NFT) initiatives. The company admitted facing challenges with a payment service provider earlier this year, leading to a switch to a new provider called Fortress in September. However, regulatory constraints have now made it impossible for collectors based in New York and Texas to access custodial wallets.
Partnership with Fortress
Topps acknowledged the obstacles faced by the Web3 community over the past year, including its own NFT program. In January 2023, Topps experienced issues due to complications with Wyre, a payment company that later shut down operations. Since then, Topps has transitioned to Fortress and relaunched its platform and marketplace. However, they have encountered delays in progress due to regulatory limitations in New York and Texas, preventing the setup of Fortress custodial wallets in these states. Efforts are being made to resolve this issue.
Collaboration and Future Plans
Topps also mentioned its collaboration with its developer and the Avalanche (AVAX) blockchain network. The company is working towards unlocking alternative solutions for collectors and will provide updates on the timeline in due course. In light of recent developments, Topps has decided to suspend any further NFT drops. This decision follows Gamestop’s closure of its NFT marketplace.
Hot Take: Topps Overcomes Challenges and Seeks to Expand NFT Offerings
Despite facing obstacles and setbacks in its NFT journey, Topps has managed to overcome these issues by partnering with Fortress. However, regulatory constraints have posed a new challenge, preventing collectors in New York and Texas from accessing custodial wallets. Nevertheless, Topps remains committed to finding alternative solutions and expanding its marketplace offerings in the future. By collaborating with its developer and the Avalanche blockchain network, Topps aims to provide a more seamless and inclusive NFT experience for its customers. Although NFT drops are temporarily suspended, Topps is determined to navigate the evolving landscape of the crypto space and deliver innovative collectibles to its dedicated community.
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