How did the market for Magic: The Gathering cards start to look like Wall Street? (From 2020)
“A few of us tried to do it and were unsuccessful,” Chapman says of “Pack to Power.” In his mid-20s, Chapman and his buddies’ modest version had him trading his first card, a rare Loxodon Smiter, for a couple more rares. The high-value trades soon petered out. By the time Chapman had gotten around to the experiment, he says, “people knew what a card was worth.”
Magazines listed the low, median and highest rates of cards. The lowest price was generally considered the accurate one, says Douglas Johnson, the MagicFestthe market metric. But then TCG Player worked on a system called TCG Market Price. That’s calculated on the recent aggregate sale data of a card.”
“It’s still not perfectly accurate because of how market fluctuations work,” Johnson says. Say the market price of a card is $15. Then, one day, Wizards of the Coast decides the card is an overpowered monstrosity, distorting game-play. So they ban the card. Players with the most up-to-date intel surely won’t pay $15 for it anymore. That means that there is no consensus between its actual value and the TCG Market Price value until more and more people buy it at a lower price.
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