Tuesday, April 20, 2021

Co-founder of Reddit expects a revival of sports cards trading

Reddit co-founder Alexis Ohanian, who also founded the venture capital firm Seven Seven Six and sits on the Alt board, says his new “favorite” cards are a card for his rising champion wife, Serena Williams, in the rookie card category. It is one of only ten cards released.

Usually all sports card enthusiasts have a distinctive card in their deck that differs from other cards. For Lior Avidar, founder and CEO of emerging card trading platform Alt, it is the one of a kind 2008 Topps Chrome Kobe Bryant Superfractor Card.

Ohanian Investment Corporation Seven Seven Six led the financing round this past February, along with other investors such as Kevin Durant’s Thirty-Five Ventures, Larry Fitzgerald, Stripe co-founders Patrick and John Collison, as well as First Round Capital and Addition Ventures. SV Angel and BoxGroup led the first pre-investment round.

More than just a hobby, collecting sports cards and memorabilia is sometimes a lucrative investment, with a fast-growing market valued at over $ 10 billion, according to Ken Goldin, founder and CEO of sports auction house Goldin Auctions in New Jersey.

The sector includes many other startups investing in collectibles and memorabilia, but most of them split expensive assets into more acceptable shares. Rally Rd is a big player in the market, allowing investors to buy and sell collections of collectibles, ranging from Lamborghini cars to Birkin handbags, as well as sports cards, and the company has raised about $ 27 million since 2017. There is also a company. Otis, which has raised an estimated $ 14 million in financing since 2019, aims to become the Nasdaq index, but for “culture” assets, according to CEO and founder Michael Carnanaprakorn. The company has about 75,000 customers, with Otis selling shares of trading cards, sneakers, comics and even Western artwork including the $ 75,000 piece of art made from medical bills.

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