The Fascinating Case of The Economic Boom Created By Digital Sports Cards

digital sports cards
Courtesy: beckett.com

Here are some interesting factors and the future of digital sports cards you must know

Sports cards have existed for over half a century as physical, collectible memorabilia. In the past few years, due to the advent of technology, sports cards too have become digital. Read on below and learn about the fascinating case of the economic boom created by digital sports cards.

The Origin of Sports Cards

  • In the mid-1900s, the first sports cards collection was launched in the market. It was aimed as collectible merchandise for sports fans all over America. They were small printed paper or cards having a picture of an athlete along with their details and signature.

Sports cards quickly gained popularity and stores saw them selling out quickly. Sportscard collection became a national favorite hobby. People who often had multiple cards of the same player would trade them to others. Thus, the sports cards trading market was born. Some enthusiastic collectors would even preserve their cards so they can remain in mint condition.

Did Covid-19 Cause The Sports Cards Boom?

  • Due to global lockdowns, live sports were canceled everywhere. As a result of being confined to their homes, many people started going through their old belongings. There, they found their sports card collections that they collected and maintained as youngsters. Social media was soon flooded with posts and pictures about sports cards collections, as many people revisited their memories.

The sports cards trading boom was born at this moment. People started listing their collections for sale on eBay. Specialized platforms were created that allowed sports card grading for valuation. Sportscard breaks, auctions, and trade were shifted towards the online platform. Many people started investing in sports cards and made a lot of money out of it.

Sports Cards As NFTs

  • In addition to sports cards being traded physically, they are now also available digitally as NFTs. NFT is an acronym for Non-Fungible Token, which basically means that each sports card becomes a unique non-exchangeable token of data identified by a digital stamp. This is similar to the technology being used in cryptocurrency.

As an NFT, sports cards trading has seen a tremendous increase in valuation and sales. A LeBron James card was sold for almost 200,000 $ and net sales rose to above 230 million $ by February 2021.

Commercialization of NFTs

  • NFTs have been growing in popularity, and are not limited to sports cards. A famous gif of a pink flying cat with a rainbow was sold as an NFT worth half a million dollars. Similarly, the first tweet posted by twitter’s founder, converted to an NFT,  received an offer of 700K $ from a Malaysian businessman.

Dapper Labs is a company specializing in the management and commercialization of NFTs. Dapper Labs used blockchain technology to create sports cards as NFTs. This, together with ample marketing has led to sports cards as NFTs being immensely successful.

What Are Sports Cards Worth?

  • Many companies are providing grading services to collectors so they can know the true market value of their cards. Generally, the card’s worth is dependent on its physical condition, its rarity, and its demand.

A Mickey Charles Mantle sports card from 1952 was auctioned off at 5.2 million $. A LeBron James autographed card was sold for 1.8 million $. So it is safe to say that sports cards are definitely worth a lot.

The Future of Sports Cards

  • A lot of people are concerned about the future of sports cards trading, especially if it’s a bubble.

Many experts have claimed that since sports cards are not only an investment, they are a hobby too, therefore the probability of it becoming a bubble is very low. Eventually, people might become disinterested in sports cards but it is very difficult to see this future becoming true in a very long time.

We, at Golden Card Breaks, are the leading sports cards distributor and seller. Contact us today and find out how you too can be a part of the sports cards collector family.