Fanatics vs Panini: The Trading Card License War Explained

The trading card industry is going through its biggest upheaval in decades. Fanatics, the sports merchandise giant backed by billions in venture capital, has systematically acquired exclusive licensing rights for the NBA, NFL, and MLB, ending Panini's near-monopoly on sports card production. This shift is reshaping what cards look like, where they are sold, and how they are valued.

For collectors and investors, understanding this transition is not optional. It affects which products to buy, which cards will hold value, and how the entire hobby evolves over the next decade. This guide breaks down everything you need to know about the Fanatics vs Panini license war in 2026.

How Fanatics Took the Licenses

The story begins in 2021 when Fanatics announced long-term licensing deals with the MLB, NBA, and NFL (through the NFLPA). These deals were unprecedented in scope and value. Fanatics committed billions of dollars to secure exclusive rights, dwarfing what Panini had been paying.

The timeline of the takeover:

• 2021: Fanatics announces deals with MLB (starting 2025), NBA (starting 2025-2026), and NFLPA

• 2022: Fanatics acquires Topps for $500 million, gaining the infrastructure, brand name, and design legacy of one of the most iconic card brands in history

• 2023-2024: Transition period begins. Panini continues producing cards under existing contracts while Fanatics ramps up production capabilities

• 2025: Fanatics launches its first MLB products under the Topps brand. MLB license officially transfers. NBA license transition begins

• 2025-2026: NBA and NFL products begin transitioning to Fanatics production. Some Panini-branded products still release under final contract terms

What Happened to Panini?

Panini America dominated the US sports card market for over a decade. They produced beloved brands like Prizm, Select, Optic, Donruss, Mosaic, and National Treasures. Losing the NBA, NFL, and MLB licenses was devastating.

Panini's current situation:

• Panini retains licenses for FIFA soccer (a huge global market), European football leagues, and some other sports

• Panini filed lawsuits against Fanatics and the leagues alleging anti-competitive behavior and contract interference

• The Italian parent company, Panini Group, continues operating globally but the US sports card division faces an uncertain future without major league licenses

• Brand names like Prizm, Donruss, and Select belong to Panini. Fanatics cannot use these names without licensing them from Panini

This last point is critical. Fanatics owns Topps but not Panini's brand names. The future of iconic brands like Prizm depends on whether Fanatics and Panini can reach licensing agreements for those names.

Fanatics' Strategy: What They Are Building

Fanatics is not just replacing Panini. They are building an entirely new ecosystem for trading cards that integrates physical and digital collecting, direct-to-consumer sales, and data-driven product development.

Fanatics Collect Platform

Fanatics Collect (formerly Fanatics Live) is their direct-to-consumer marketplace. Based out of a massive facility in Tigard, Oregon, it combines product sales, card grading (via CGC partnership), and a marketplace into one platform. Collectors can buy products, open them on-site, get cards graded in 24 hours, and list them for sale immediately.

Digital-Physical Integration

Every Fanatics card will have digital verification capabilities. Expect NFC chips or QR codes embedded in cards that link to ownership records, authentication data, and digital twins. This could revolutionize how cards are authenticated and traded. CardScanner is positioned to work with these new technologies as they roll out.

Data-Driven Production

Fanatics sits on enormous consumer data from their merchandise business. They know which players sell, which markets are underserved, and what price points work. Expect Fanatics products to be more targeted and market-responsive than Panini's approach. This could mean smaller print runs for niche products and larger runs for mainstream ones.

New Fanatics Products in 2025-2026

Fanatics has been rolling out products under the Topps brand for MLB and introducing new product lines for the NBA and NFL. Here is what has launched or is expected:

MLB (Topps brand): Topps Series 1 and Series 2 continue as flagship products. The 2026 Topps Series 1 release maintained the iconic design language while adding enhanced authentication. Chrome, Heritage, and Bowman also continue under Fanatics ownership.

NBA: The first Fanatics-era NBA products are rolling out during the 2025-2026 season. New brand names are being introduced to replace Panini's Prizm and Select. Collectors are watching closely to see if these new brands gain market acceptance or if collectors resist change.

NFL: The NFL transition is in its early stages. Expect Fanatics to launch NFL card products for the 2025-2026 season with new branding. Topps may be extended to football for the first time in decades.

Impact on Card Values: Winners and Losers

The license transition creates clear winners and losers in the secondary market. Understanding these dynamics is crucial for buying and selling decisions.

Winners

Late-era Panini products. The last Panini-produced Prizm, Select, and National Treasures cards will carry nostalgia and scarcity premiums. Think of it like the 'last year' of any discontinued product. The final Panini Prizm NBA set could become a collector favorite years from now.

Topps heritage cards. Topps is one of the most recognized brands in card collecting. With Fanatics leveraging the Topps name across sports, vintage Topps cards benefit from renewed brand awareness and cultural relevance.

Early Fanatics products. First-year products from a new manufacturer often become collectible. The 2025 Topps Series 1 (first Fanatics-produced Topps baseball) already commands premiums for being a 'first edition' under new ownership.

Losers

Mid-era Panini products. Cards from 2018-2023 are in a difficult spot. They are not old enough to be vintage, not new enough to benefit from current hype, and the Panini brand is losing relevance. These cards face the biggest value risk.

Unlicensed Panini products. Panini products released without league logos (which happened during some transition periods) are less desirable to collectors. Cards without official team logos feel incomplete and trade at discounts.

What Changes for Collectors

The Fanatics takeover affects everyday collectors in several practical ways:

New product names to learn. If Fanatics cannot license Prizm and Select from Panini, they will create new brand names. Collectors will need to learn which new products correspond to the old ones. CardScanner will be updated to recognize all new Fanatics product lines as they release, making identification seamless.

New distribution channels. Fanatics is expected to push direct-to-consumer sales through their platform, potentially bypassing traditional hobby shops and distributors. This could change how collectors access products and at what price points.

Enhanced authentication. Fanatics' digital verification technology should reduce counterfeiting. Every card with an embedded chip can be verified as authentic, which protects collectors and could reduce the need for third-party authentication services.

Potential for better product quality. Panini was frequently criticized for quality control issues: off-center cuts, damaged cards in packs, and inconsistent card stock. Fanatics has the resources and infrastructure to invest in better production quality, though time will tell.

The Hobby Shop Impact

Local hobby shops are caught in the middle of the Fanatics transition. These small businesses have traditionally relied on Panini and Topps product allocations for their inventory. The shift to Fanatics raises questions about distribution.

Fanatics has signaled they will continue supporting hobby shops with product allocations, but their direct-to-consumer model could compete with these same shops. Collectors who value their local shops should continue buying from them to support the brick-and-mortar hobby ecosystem.

How to Navigate the Transition as an Investor

The license transition creates a unique investment landscape. Here is how to position yourself:

Hedge both sides. Buy some late-era Panini products (especially final Prizm runs) and some early Fanatics products. One or both will appreciate as the market matures.

Focus on the player, not the brand. Star player cards hold value regardless of who manufactured them. A Cooper Flagg rookie is valuable whether it says Panini or Fanatics on it. Do not overthink the branding, focus on the talent.

Watch market reception closely. Track how collectors respond to new Fanatics products. Are they selling well? Are secondary market prices holding? Use CardScanner to compare pricing between Panini and Fanatics versions of similar products.

Do not panic sell Panini holdings. Some collectors are dumping Panini products out of fear. This is often premature. Quality Panini cards from star players will retain value. The Panini brand is not disappearing, it is just losing new production rights.

The Bigger Picture: Competition vs Monopoly

The irony of the Fanatics takeover is that it replaced one near-monopoly (Panini) with another (Fanatics). Some collectors argue this is bad for the hobby because it concentrates power in one company. Others argue Fanatics' deep pockets and technology will improve the overall collecting experience.

The reality is nuanced. Competition in card production has not existed since the 'junk wax' era of the late 1980s and early 1990s when multiple companies flooded the market. Exclusive licensing was introduced specifically to avoid overproduction. Whether Fanatics uses their monopoly responsibly remains to be seen.

Final Thoughts: Adapting to the New Era

The Fanatics vs Panini license war is not a battle anymore. Fanatics won. The question now is how collectors adapt to the new reality. Products will look different, distribution will change, and new brand names will need to earn the trust that Prizm and Select built over years.

Stay informed, stay flexible, and use tools like CardScanner to navigate the changing landscape. Scan new products as they release to understand pricing and identification. The collectors who adapt fastest to the Fanatics era will be best positioned to profit from the transition.

The cards are changing. The hobby is not.