Topps, a prominent player in the Web3 community, has navigated a series of challenges in the past year, with its NFT (Non-Fungible Token) program being no exception to the complexities faced by the sector. Reflecting on the hurdles encountered, Topps acknowledged the impact of partner issues, notably with Wyre, as highlighted by Bitcoin.com News in January 2023. The coverage detailed Wyre’s modifications to its withdrawal procedure months before the company ceased operations in June. The ripple effect was felt by Topps, prompting a temporary suspension of its NFT shop and marketplace operations.
In a recent communication to its client base, Topps disclosed a strategic shift to a new service provider, Fortress, successfully relaunching both its platform and marketplace. However, this transition has brought about delays, particularly in two specific states, where regulatory challenges are impeding progress. Topps clarified, “Due to regulatory and state laws, we cannot set up Fortress custodial wallets for collectors based in NY or TX,” and assured clients that efforts are underway to collaborate with the states to enable functionality in these locations.
Highlighting its collaboration with its developer and the Avalanche (AVAX) blockchain network, Topps emphasized ongoing efforts to unlock alternative marketplace solutions for collectors. The company stated, “We are also continuing our efforts to unlock alternative marketplace solutions for collectors and will provide a timeline update when available.” To prioritize these objectives, Topps has opted to suspend any further NFT drops. This strategic decision aligns with the broader landscape, as evidenced by Gamestop recently concluding operations of its NFT marketplace.
