Topps made history in 2021 when it launched the first official Topps MLB baseball trading card NFT drop. By bringing beloved Topps sports cards into the digital world as non-fungible tokens (NFTs), Topps ushered in a new era where physical card collecting meets the virtual world. Here is an in-depth look at Topps’ pioneering foray into baseball card NFTs.
Topps is intrinsically linked with the tradition of baseball card collecting. Founded in 1938, Topps has been the exclusive licensee for MLB trading cards since the 1950s. Its early years printing physical cards on gum and candy wrappers established the cultural phenomenon of kids swapping, collecting, and trading baseball cards. The nostalgia and fandom associated with Topps cards grew the hobby into a billion-dollar industry.
With the rise of blockchain and cryptocurrencies in the 2010s, many saw the potential for digital collectibles to disrupt traditional card collecting. As NFTs gained mainstream attention in 2021, Topps moved to embrace the new technology rather than resist change. On April 5th, 2021, Topps Digital, a subsidiary of The Topps Company, launched the Topps MLB Mighty Minters NFT collection on the Wax blockchain.
The inaugural drop consisted of 10,000 unique NFT trading cards featuring current MLB players. Similar to a physical card pack, each NFT pack contained 5 randomly generated cards. Some cards were more rare and valuable than others due to special visual effects and serial numbers. Within the first 24 hours, all 10,000 NFTs sold out at auction for 0.5 WAX each, generating over $2 million in sales.
The successful launch proved there was high demand for authentic, officially licensed digital baseball collectibles from Topps. Subsequent Topps NFT drops sold out even faster, often within minutes of release. The Topps NFT project achieved mainstream press coverage for establishing MLB’s first foray into officially licensed sports NFTs. Unlike other collector NFT marketplaces with user-generated content, Topps digital cards provided a familiar sense of legitimacy and authenticity that collectors valued.
Since the initial product offered plain, digital versions of sports cards, Topps researchers worked to develop innovative NFT designs that utilized the unique capabilities of blockchain. Future NFT drops incorporated special animations, 3D effects, and unlocked utility features. For example, some cards contained a short video clip of the player in action when held on the Wax mobile app. A small percentage of “Super Rares” and one-of-one “1/1” cards featured extra elaborate custom designs and came with perks from Topps such as physical goodie bags.
As the months progressed, Topps pushed the boundaries of NFT functionality by creating living and breathing digital items. Sets like Topps InterAction focused on motion capture animations of MLB stars swinging and pitching. Card collectors could now own live video highlights as exclusive NFT art. In June 2021, Topps unveiled the Topps NFT Arcade, a virtual video game where owners could play as their NFT characters. The integration of immersive blockchain experiences further differentiated Topps NFTs compared to static collector’s items.
From a financial perspective, the Topps MLB NFT project became a major success story. Most initial NFTs purchased for $5-10 quickly increased 10x or 100x in value as the burgeoning collectors’ market took off in 2021. Some ultra-rare 1/1 cards worth thousands of dollars were flipped for over $100,000 within months. Both veteran physical card collectors and new crypto investors participated in the speculation frenzy, driving up secondary market prices.
For Topps, diversifying into NFTs proved immensely profitable while also expanding its collector audience. In October 2021, Fanatics acquired Topps for $500 million, citing the digital collectibles business as a key part of the valuation. Many believe Topps’ first-mover advantage with officially licensed MLB NFTs directly contributed to the lucrative sale price.
Moving forward, ToppsDigital plans to continue experimenting with innovative NFT products and utilities. Major 2022 goals include integrating valuable rewards in the physical world, enhanced multimedia experiences, and potentially moving toward a play-to-earn model. There are also aspirations to expand the Topps MLB NFT program into other sports leagues.
In under a year, Topps has successfully transitioned the legacy hobby of baseball card collecting into Web3. By maintaining its dedication to authentic officially licensed sports content while pushing boundaries with creative NFT designs, ToppsDigital is establishing a blueprint for how physical collectibles companies can adapt to emerging technologies. For baseball and sports card aficionados young and old, Topps now offers the unique experience of owning coveted digital MLB memorabilia secured through the blockchain.
