Hong Kong Card Game Craze Drives Asset Trading
In Hong Kong, collectible trading cards are shifting from entertainment to investment, with some players and merchants viewing rare cards as tradable assets; according to BBC, a "Ukiyo-e Pikachu" card once rose from HKD 1,000 to HKD 40,000.
32-year-old Hong Kong player Chan Long Hei stated that he purchased the card for HKD 1,000 in 2022, and the market price once reached HKD 40,000, an increase of about 40 times; he has been involved with cards for about 5 years, with a total investment of over HKD 160,000, transitioning from battling friends to focusing on prices and collection returns. Individual case prices do not represent the prices at which similar cards can be traded and do not prove stable investment returns.
Factors driving prices include not only rarity. The version language of the card, character popularity, condition, authenticity, issuance quantity, and buyer coverage can all affect transaction prices; interviewed store owners pointed out that Japanese version Pokémon cards can attract global buyers, with liquidity typically higher than the Chinese version targeting the Chinese-speaking market. Certification of condition by grading agencies can also significantly increase the trading price of certain cards.
High-value transactions globally have enhanced the narrative of cards as assets. In 2021, a Stephen Curry trading card sold for $5.9 million, setting a record for trading cards at that time; in 2022, Logan Paul purchased an "Illustrator Pikachu" Pokémon card for $5.3 million. Public reports also indicate that earlier this year, another "Illustrator Pikachu" sold for over $16 million, breaking the trading card record.
Market research firms indicate that the global collectible trading card market is expected to reach approximately $7.8 billion by 2025, growing to $12.86 billion by 2031. After the pandemic, trading card activity has surged, with one Hong Kong card shop reporting at least a 60% increase in sales; some local merchants hope to leverage trading activities, grading services, and cross-border buyers to establish Hong Kong as an Asian trading center for cards.
In terms of market mechanisms, buyers include players, collectors, grading arbitrageurs, and speculative funds chasing price increases; sellers include pack openers, inventory store owners, early holders, and market participants. New product restocks, IP popularity, grading results, and high-value transactions on social media can drive capital inflow; sellers holding rare Japanese versions, top-rated condition cards, and globally popular IP cards benefit relatively, while ordinary card holders relying on local buyers, unstable conditions, or expanded supply face liquidity discounts.
Source: Public Information
ABAB AI Insight
The assetization of trading cards is not a new phenomenon but has gradually evolved from the sports card bubble of the 1990s, the global release of Pokémon, and the establishment of professional grading systems. Grading companies like PSA and Beckett have transformed "condition preservation" into quantifiable grades, allowing cards of the same design to be categorized into different rarity levels; platforms like eBay, auction houses, and cross-border resale platforms have connected previously localized player markets into a global bidding market. The sale of the Stephen Curry card for $5.9 million in 2021 and Logan Paul's purchase of the $5.3 million Illustrator Pikachu in 2022 have reinforced public perception of cards as alternative assets.
The capital pathway begins with publishers selling card packs, followed by a multi-layered fee network consisting of pack opening, secondary resale, grading, auctions, and exhibitions. Publishers influence primary supply through limited editions, special numbers, co-branded IPs, and restock rhythms; grading companies charge for authentication and encapsulation, platforms take transaction commissions, and store owners profit from inventory price differences. Funds do not flow evenly to all cards but concentrate on combinations of "globally recognizable IP + low supply + high rating + cross-border trade"; the higher prices of Japanese version Pokémon cards compared to regional language versions reflect differences in buyer pool sizes.
This can be compared to art, limited-edition sneakers, and the NFT market: all three rely on narratives of scarcity, community identity, and verifiable provenance, but the uniqueness of trading cards lies in the underlying IP providing ongoing demand for games, animations, and character consumption. After the Beeple NFT sold for $69 million in 2021, the market significantly declined due to new supply and liquidity withdrawal; trading cards also cannot be judged solely by the highest auction records. They currently exist between "entertainment products and standardized alternative assets": top categories have established global bidding and grading standards, while long-tail categories still heavily depend on stores, exhibitions, and localized buyers.
Essentially, it is about capital concentration: grading, language versions, channels, and IP recognition together filter out a very small number of "star cards" that can absorb global funds, while the vast majority of ordinary cards lack stable buying interest. When prices rise, pack openers, store owners, and grading agencies can all expand supply and service fees; when prices fall, individual sellers who genuinely need cash often face a narrower buyer pool and higher discounts. Paper is not an asset; the scarcity that can be verified, bid on, and continuously resold by global buyers is the foundation of assetization.
ABAB News · Cognitive Laws
Scarcity does not equal value; global buying interest equals liquidity.
Grading creates standards; standards create capital entry points.
Highest transaction prices are news; sustained transaction volume is the market.