Some lucky person just became a millionaire by opening a pack of cards for the game Magic The Gathering. According to reports It’s a 1/1 card of “The One Ring,” meaning there’s only one like it in the entire world.
Rich fans have been offering up to two million actual dollars for it, which is roughly 68 Bitcoin at current rates.
Crazy to think some piece of cardboard would be worth that much
https://gizmodo.com/magic-the-gathering-the-one-ring-card-lord-of-the-rings-1850595558
Post Malone likely rich. So to him the price might not be a lot. Plus rare magic cards have only increased in value over time.
I think it's a part of the human condition to appreciate pieces of nostalgia and sentimentality. Some people will pay more for this.
Yeah I get scarcity within a community, theres so many examples of that from pokemon cards to beanie babies, but you're always relying on a centralised entity and community consensus. If a new card is made does it damage the value?
does the community not decide the premium?
Going up in value is one thing, having liquidity to access is another, the card is now worth what Post paid for it, doesn't mean its what he can get for it by the next person, there are only so many rich people interested in that niche
I'm not sure I get your point.
I just bought a SpiderMan #1 reprint for $4, lol. Pretty sure these reprints aren't going to impact the price of the originals - could even pump them maybe by creating more awareness.
All goods are priced according to both objective and subjective terms like production costs, supply/demand, utility, scarcity, social perception etc: Broccoli, houses, socks, stocks, Ferraris, etc.
The communities of interested buyers for each item *always* mostly determines (agrees to pay or not) the going prices (except where external forces like luxury taxes and tariffs exist).
In this example at hand of a niche collectable of a quasi-art piece for a trading card game, I agree that to me, who does not come from wealth, it's a bit nonsensical.
Some rich people just want "the best" or "rarest" of something whether for ego or enjoyment etc. And I don't see the issue with this. Letting people freely bid on and determine the price seems more fair doesn't it, than say some centralized control arm?
IMO let the art snd collectibles market dictate themselves.