Podcast Summary
From Trading Cards to Entrepreneurship: Passion for trading cards led Gary Vaynerchuk and Jason Koons to build successful businesses, emphasizing the importance of following one's passion in both hobbies and careers.
The passion for trading cards and entrepreneurship go hand in hand, as evidenced by the stories of Gary Vaynerchuk and Jason Koons. Both men, who started their careers in trading cards, have carried that passion into their successful businesses. Gary, an immigrant from the Soviet Union, grew up dreaming about the National Sports Collectors Convention but was never able to attend as a child. He instead channeled his love for cards into building his father's liquor store into one of the first e-commerce wine businesses. He also invested early in social media platforms, which allowed him to buy more expensive cards at the convention as an adult. Jason, who met Gary years ago at a New York counter restaurant, also started his business, OTS Sports, based on his trading card experience. The shared background in trading cards has been a common thread in their entrepreneurial journeys. The importance of following one's passion, whether it's in trading cards or business, was a recurring theme in their conversation.
StockX enters trading cards market: StockX, the largest sneaker and streetwear marketplace, expands into trading cards, bringing transparency and true value to the market. The speaker, a collector, sees great potential in this development and believes it could be the future of card trading.
StockX, the largest marketplace for sneakers and streetwear, is expanding into trading cards, recognizing their value as true assets. This shift was inspired by a personal experience of the speaker, who was unable to take all his cards out of his mother's basement during a Thanksgiving visit. StockX, which operates like a stock market, aims to bring transparency and true value to the trading card market. The speaker, a collector himself, sees great potential in this development and believes it could be the future of card trading. Despite his initial skepticism due to past investment experiences, he was impressed by StockX's founders and their entrepreneurial spirit, leading him to believe in their venture.
Factors fueling the resurgence of the sports card industry: The junk wax era generation's children are becoming collectors, sneaker reselling platforms' success, gambling culture's growth, and the rise of soccer and other sports are driving the sports card industry's resurgence and profitability
The sports card industry is experiencing a resurgence due to several factors. First, the generation that grew up during the "junk wax era" is now parents, and their children are becoming collectors, leading to high demand. Second, the success of sneaker reselling platforms like StockX has shown that there is significant profit to be made in limited-edition items. Third, the gambling culture in America has exploded, and sports card companies have capitalized on this trend by creating fabricated scarcity and demand. Additionally, the rise of soccer and other sports, as well as mixed martial arts and fighting, is adding to the industry's growth. Overall, these factors are contributing to the significant impact and potential profitability of the sports card market.
The sports card industry's growth and cultural relevance: The sports card industry's unique market pricing, cultural relevance, and potential synergies make it an exciting and potentially lucrative space for investors and collectors.
The sports card industry is experiencing exponential growth due to increasing trends and cultural relevance, particularly in the areas of scarcity and cool factor. The speaker believes that as more attention is drawn to the industry, its unique market pricing structure will set it apart from other markets attempting to artificially create scarcity. Additionally, the speaker emphasizes the importance of understanding how to make things cool and the potential impact of influencers and celebrities in driving demand and prices up. The speaker also highlights the potential for synergies between different industries, such as sneakers and sports cards, and the opportunity for individuals to make money in this market, which has always been considered cool. Overall, the sports card industry's authentic market pricing, cultural relevance, and potential for synergies make it an exciting and potentially lucrative space for investors and collectors alike.
The sports card market: influenced by grading and trust: Newcomers beware: increased demand may lead to oversupply and potential financial losses, but classic and iconic cards remain valuable due to their limited nature.
The sports card market, particularly in the modern era, is heavily influenced by grading and trust, and this dynamic is likely to cause tension as demand continues to grow. The speaker believes we may be on the cusp of a new "junk wax era," where increased demand leads to an oversupply of cards. However, the value of classic and iconic cards tends to remain strong, even during economic downturns, due to their limited nature. The speaker advises caution to newcomers in the hobby, emphasizing the potential for significant financial losses. Despite the risks, the speaker's personal investment strategy focuses on acquiring classic and iconic cards, as he believes they offer the best potential for long-term appreciation. Overall, the sports card market is a complex and fascinating industry, with a rich history and many lessons to be learned.
Starting small in collectible hobbies can lead to big returns: Smart investments in collectibles, like trading cards, can yield substantial profits over time with research and belief in potential.
Starting small and making smart investments in trading cards, or any collectible hobby, can lead to significant returns over time. The speaker shared his personal experiences of starting with a small budget and making wise decisions that led to substantial profits. He emphasized the importance of researching and believing in the potential of the collectible, much like his bet on Kenny Lofton. He also highlighted the unique aspect of the trading card hobby, where even with a limited budget, one can still potentially make a substantial profit. However, he acknowledged that other industries, such as sneakers, may not offer the same opportunities for small investors due to the different dynamics of acquiring inventory. Nonetheless, the speaker's message encourages starting small and being persistent in pursuing one's interests, as it could lead to unexpected financial gains.
Sports card market resurgence: A passion project and investment opportunity: The sports card market is experiencing a resurgence due to increased demand and changing cultural trends, offering both passion and potential investment returns
The sports card market is experiencing a resurgence due to increased demand and changing cultural trends. Jason believes that the excitement comes from buying and selling cards in bulk rather than individually, and the potential for significant returns. He sees a parallel between the way society values certain items and the potential for sports cards to become collectible art. Jason's personal collection focuses on 89 copyright rookie cards, and he's having trouble finding them affordably. He also shares some hot takes on football players and teams, but the real value lies in the potential of the hobby itself. The market is not just an investment opportunity, but a passion project for many, and Jason sees a bright future for sports cards as a collectible art form.
Exploring Global Opportunities in Sports Cards: Investing in less popular prospects at lower costs in the global sports card market can yield significant returns, while premium, young baseball prospects carry uncertain success rates and high investment costs.
The sports card world is becoming increasingly global, with growing demand in countries like China for basketball and soccer cards. This global nature, combined with the availability of information through the internet, presents opportunities for those willing to think outside the box and invest in less popular prospects at lower costs. The speaker expresses concern that there may be significant losses for those investing in premium, young baseball prospects due to their uncertain success rates and the large amounts of money being poured into the market. Additionally, the speaker mentions their excitement for the hobby's evolution and encourages listeners to check out their booth at the event. They also express interest in pack poker and invite listeners to visit finishbreaks.com for more information. Overall, the speaker emphasizes the importance of being informed and strategic in the sports card market.
