An iconic trading card company is going public again with a SPAC deal. Topps is growing its presence in the digital card market and plans to launch several non-fungible token trading card lines.
What Happened: Topps MLB NFTs were launched Wednesday by the company going public with Mudrick Capital Acquisition Corporation II MUDS.
Topps offered 50,000 standard packs containing six digital cards for $4.99 and 25,000 premium packs containing 45 digital cards for $99.99.
There were errors and delays during the pack launch as Topps did not use a queue system that NBA Top Shot put in place to keep an order to the line. Users complained that they couldn’t tell if they had bought packs and some said they purchased packs and never received.
Topps sold out of the 75,000 packs in 70 minutes.
Topps MLB NFTs moved up to second place for resale of NFT collectibles, according to Cryptoslam. More than $1.7 million in Topps MLB NFTs were traded in the last 24 hours, ranking ahead of NBA Top Shot and trailing only CryptoPunks ($2.5 million).
People were reselling unopened packs for three times the amount of the pack.
Opening a Pack: A premium pack of Topps MLB NFTs was opened live on Benzinga’s "SPACs Attack" Wednesday.
Each digital card in the pack had 59% chance of being common, 22% chance of being uncommon, 11% chance of being rare, 4.4% chance of being epic exclusive, 2% chance of being super rare, .6% chance of being epic and a .04% chance of being legendary exclusive (1 of 1).
Epic exclusive and legendary exclusive parallels could only be obtained in premium packs.
The pack opened on-air contained:
- 27 commons
- 10 uncommons
- 5 rares
- 1 super rare
- 2 epic exclusives
The commons are all numbered out of 2,657. Uncommons have only 881 copies. The top pulls in the pack was a Josh Bell super rare numbered out of 170, an epic exclusive Chicago White Sox team card numbered to 76, and a Mike Clevinger epic exclusive numbered to 70.
Why It’s Important: The strong reception for the first series of MLB digital cards from Topps had overwhelming demand, which could be a positive as the company works to expand its digital cards and e-commerce businesses.
Topps will receive a portion of the revenue on all resale transactions, providing lifetime revenue for the company.
The company also announced it would be holding a “burn to earn” event every week where users can trade in certain commons towards 1952 Redux NFTs special edition digital cards.
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