Topps Navigates Web3 Hurdles: Shifts to Fortress Amid Regulatory Challenges in NFT Expansion

This week the collectibles and sweet firm Topps communicated with its prospects relating to its non-fungible token (NFT) initiatives. The firm acknowledged encountering challenges with a fee service supplier in January 2023, resulting in a transition to a brand new supplier, Fortress, in September. Nevertheless, regulatory constraints have resulted within 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 previous yr introduced quite a few obstacles for the Web3 group, stating that its personal NFT program was “not excluded” from these difficulties. Back in January 2023, Bitcoin.com News covered the story of Wyre altering its withdrawal process, a growth that occurred a number of months earlier than the fee firm introduced shutting down operations in June. As companions, Wyre’s problems had a direct impression on Topps, compelling the agency to briefly halt its NFT store and market operations.

In a current communication to its purchasers, Topps revealed that it has transitioned to a brand new service supplier, Fortress, and has efficiently relaunched each its platform and market. However, this changeover has led to sure delays in progress, significantly in two particular 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 additionally talked about its collaboration with its developer and the Avalanche (AVAX) blockchain community. The firm emphasised, “We are also continuing our efforts to unlock alternative marketplace solutions for collectors and will provide a timeline update when available,” because it defined its ongoing endeavors. To prioritize these goals, Topps has chosen to droop any additional NFT drops. This choice comes within the wake of Gamestop concluding operations of its NFT market.

What do you consider the problems Topps confronted with Wyre and its transition to Fortress? Share your ideas and opinions about this topic within the feedback part under.