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This week the collectibles and candy company Topps communicated with its customers regarding its non-fungible token (NFT) initiatives. The company acknowledged encountering challenges with a payment service provider in January 2023, leading to a transition to a new provider, Fortress, in September. Nevertheless, regulatory constraints have resulted in the unavailability of custodial wallets for collectors in New York and Texas.
Topps Partners With Fortress, Faces State Regulatory Hurdles in NFT Journey
Topps has acknowledged that the past year presented numerous obstacles for the Web3 community, stating that its own NFT program was “not excluded” from these difficulties. Back in January 2023, Bitcoin.com News covered the story of Wyre altering its withdrawal procedure, a development that occurred several months before the payment company announced shutting down operations in June. As partners, Wyre’s complications had a direct impact on Topps, compelling the firm to temporarily halt its NFT shop and marketplace operations.
In a recent communication to its clients, Topps revealed that it has transitioned to a new service provider, Fortress, and has successfully relaunched both its platform and marketplace. However, this changeover has led to certain delays in progress, particularly in two specific states. “Due to regulatory and state laws, we cannot setup Fortress custodial wallets for collectors based in NY or TX,” Topps detailed. “Our vendors are working with the states to enable functionality in these locations.”
Topps also mentioned its collaboration with its developer and the Avalanche (AVAX) blockchain network. The company emphasized, “We are also continuing our efforts to unlock alternative marketplace solutions for collectors and will provide a timeline update when available,” as it explained its ongoing endeavors. To prioritize these objectives, Topps has chosen to suspend any further NFT drops. This decision comes in the wake of Gamestop concluding operations of its NFT marketplace.
What do you think about the issues Topps faced with Wyre and its transition to Fortress? Share your thoughts and opinions about this subject in the comments section below.
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