CoinDesk
Collectors and retailers are turning Pokémon cards into a $10B-$15B alternative-asset market. eBay recorded $2.62B in individual card sales in 2025, while Logan Paul sold a Pikachu Illustrator for $16.5M. Blockchain startups now want to vault graded cards and represent ownership with tokens, letting trades settle without shipping the physical card. ATH Labs' Deadstock is running a closed beta on Arbitrum with high-value Pokémon cards.
Why it matters
Pokémon card values rose 28%, while the S&P 500 gained about 13% and bitcoin fell 29% in the comparison period. That performance is pushing a hobby market toward financial infrastructure, but trading still means weeks or months of grading, marketplace fees and mailed cards.
Courtyard, Collector-Crypto and Phygitals offer early evidence of demand for vaulted collectibles, with 30-day volumes of about $139M, $77.8M and $7.4M respectively. Tokenization adds digital ownership transfers and potentially 24/7 settlement, but the blockchain does not create buyers by itself.
Market impact
Liquidity is the real test. ATH says its JTCC partnership provides exclusive access to a replenished Japanese card-sourcing network, while House of Chimera argues that capital, inventory and buyback capacity may matter more than shared grading and vault infrastructure.
eBay's network effect remains formidable because buyers get deep sales histories and sellers go where demand is largest. Even near-immediate token settlement cannot guarantee a counterparty, especially when grade, centering and provenance can change a card's value. The wager is whether collectors trade tokens instead of listing cards on eBay, visiting conventions or keeping them in binders.
Frequently asked questions
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How do tokenized Pokémon cards change ownership transfers?
Platforms store professionally graded cards in secure vaults and match each physical card to a digital token. The token can change hands while the card remains in custody until redemption.
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Why does eBay have an advantage over newer tokenized marketplaces?
eBay recorded $2.62B in individual card sales in 2025, giving it a large buyer pool and a deep history of completed sales for price discovery.
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Which blockchain is ATH Labs testing for Deadstock?
ATH Labs' Deadstock is running a closed beta on Arbitrum with high-value, professionally graded Pokémon cards.
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What 30-day volumes do tokenized-card platforms report?
Courtyard has about $139M in 30-day volume, while Collector-Crypto and Phygitals have about $77.8M and $7.4M, respectively.
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Why might faster blockchain settlement fail to create liquidity?
Faster settlement does not guarantee a buyer. Differences in grade, centering and provenance can also make pricing difficult when rare cards trade infrequently.
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