Sorry, Topps ($MUDS) is NOT an NFT play.

Buying the $MUDS SPAC, which has entered into a definitive agreement with Topps (yesterday), is – in my opinion – a thirsty attempt at getting a piece of the NFT (non-fungible token) craze. It's a gamble – at best.

But, as always, let's have an objective look at some of the fundamentals behind Topps and this merger...