"你买不起特斯拉的股票，但你可以买'喷火龙'的卡。"——这样一句戏谑，正在成为现实。 曾经校门口几元一包的"卡片"，如今成了成年人排队抢购、投资者热议的新兴资产。 1996年，当玩家第一次在Game Boy（任天堂掌机）像素屏幕上按下"开始"键，选择"小火龙""杰尼龟"或"妙 蛙种子"时，没人能想到，这个名为"宝可梦"的IP（具有开发价值的文化产品），会在近30年后掀起一场全 球性的"卡牌投资化"浪潮。 每经记者毕媛媛摄 近期，宝可梦卡牌回报率远超股市的消息引发关注。与此同时，在区块链领域，Courtyard、Collector Crypt 等平台推动卡牌"上链"，也就是将实体卡牌的信息记录到区块链上，通过区块链技术赋予每张卡牌独一无 二的"数字身份"，从而实现确权与交易。 这种方式相当于把现实世界的收藏品"搬进互联网"，以现实世界资产（RWA）形式进行交易——用户支付 约50美元即可在Collector Crypt中抽取一张锚定实体卡的NFT(非同质化代币)，稀有卡牌成交价动辄上万美 元，交易量激增，一场将实体收藏数字资产化的潮流正在形成。 近日，为探寻"卡牌理财"的真实价值，《每日经济新闻》记者多方采访， ...

每经记者｜宋美璐 毕媛媛 每经编辑｜程鹏 陈俊杰 "你买不起特斯拉的股票，但你可以买'喷火龙'的卡。"——一句戏谑，正在成为现实。 曾经校门口几元一包的"卡片"，如今成了成年人排队抢购、投资者热议的新兴资产。 1996年，当玩家第一次在Game Boy（任天堂掌机）像素屏幕上按下"开始"键，选择"小火龙""杰尼龟"或"妙蛙种子"时，没人能想到，这个名为"宝可梦"的 IP，会在近30年后掀起一场全球性的"卡牌投资化"浪潮。 近期，宝可梦卡牌回报率远超股市的消息引发关注。与此同时，在区块链领域，Courtyard、Collector Crypt等平台推动卡牌"上链"，也就是将实体卡牌的 信息记录到区块链上，通过区块链技术赋予每张卡牌独一无二的"数字身份"，从而实现确权与交易。 这种方式相当于把现实世界的收藏品"搬进互联网"，以现实世界资产（RWA）形式进行交易——用户支付约50美元即可在Collector Crypt中抽取一张锚定 实体卡的NFT(非同质化通证)，稀有卡牌成交价动辄上万美元，交易量激增，一场将实体收藏数字资产化的潮流正在形成。 近日，为探寻"卡牌理财"的真实价值，《每日经济新闻》记者多方采访，从资 ...

Core Viewpoint - The rapid growth of the collectible card market, particularly with brands like Pokémon, raises concerns about potential speculative bubbles similar to the historical tulip mania, where inflated prices eventually led to market collapse [2][26]. Group 1: Market Dynamics - The collectible card market is experiencing intensified competition, with companies like Kai Zhi Le International strategically entering the market through partnerships with top IPs like Pokémon [2][3]. - The Pokémon brand, established in the last century, has a significant cross-generational influence, attracting both younger and older consumers [4][6]. - The market is shifting from a land-grabbing phase to a competitive landscape where established IPs dominate, making it challenging for other brands like Digimon to gain traction [6][8]. Group 2: Investment and Speculation - High-value Pokémon cards are being auctioned for prices that can exceed hundreds of thousands of dollars, with some cards being compared to the value of real estate [10][21]. - The secondary market for cards is heavily influenced by rarity and condition, with professional grading institutions playing a crucial role in determining value [11][12]. - There is a growing trend of collectible cards transitioning into investment assets, with some cards showing annual returns that surpass traditional financial assets [14][21]. Group 3: Consumer Behavior - The consumer base for collectible cards is primarily composed of teenagers and young adults, with younger players focusing on gameplay and older players interested in trading and investment [14][19]. - The addictive nature of card collecting and trading can lead to irrational consumer behavior, raising concerns about the long-term sustainability of the market [21][23]. - The rise of social media and the Z generation's consumption habits are driving the rapid growth of the card market, creating a closed loop of "discover-purchase-share" [19][21]. Group 4: Regulatory and Market Risks - The market faces risks from irrational consumer spending, IP expiration, and counterfeit products, which could undermine the growth of the collectible card industry [21][24]. - Regulatory measures are needed to protect consumer rights and ensure market stability, as the current landscape lacks sufficient oversight [23][24]. - The potential for a speculative bubble similar to the tulip crisis remains a concern, with the market needing to return to rational pricing to avoid a collapse [26][27].