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Before that, according to Kahn, “when a five figure video game sale would occur, which was a big deal four or five years ago, I knew about it and maybe 10 other guys knew about it. In some cases, there’s one, or 10, or five.”Īnother thing that may be driving up prices is that the games are selling at public auction, meaning that everyone can see the price of an eventual sale. “There aren’t hundreds of these in high, perfect grade out there. People in the hobby - collectors, investors - we’re all realizing that the populations of these sealed games are so incredibly low when you compare them to, say, sports cards or comic books,” he added. In comics, “at this point all of the copies of Action Comics #1 have been flushed out of attics into collectors’ hands. “Over the last few years there have been a lot of people who have started collecting other areas, like comics or coins or cards, and their markets are very mature,” he said. That’s slightly different than other collectible categories.

“At the end of the day, there’s just simply not enough supply of these high end, high grade, sealed, vintage video games to satiate the demand.” “I think that we are going to continue to see record breaking sales ,” said Deniz Kahn, president and founder of Wata Games, the company that evaluated both The Legend of Zelda and Super Mario 64 for quality before they were listed for auction. People who are coming into collecting top-notch games may find that supply is much lower than it is in other collectibles markets. The supply of sealed video games is much lower than many other collectibles That’s not only because of his cultural cache right now: “ Sonic the Hedgehog sealed is really hard to come by,” she said. Smith also said that Sonic the Hedgehog for the Sega Genesis could potentially be a valuable title. “I think that the market has kind of spoken for itself and that Mario is king and Zelda is queen of video games,” she said. Danielle Smith, owner of Nerdy Girl Comics, agrees.

Kohler expects that the next game to break the million-dollar threshold could be a very early printing of The Legend of Zelda, like what sold this month, or another Super Mario Bros. claimed the record of being the most expensive video game ever by selling for $114,000, a figure that was huge at the time but is less than a tenth of what Super Mario 64 just auctioned for. Just over a year ago, a sealed copy of Super Mario Bros. Video games continue to be hugely popular - more than half of Americans turned to video games during the pandemic - and retro games have already had a recent history of becoming collectors’ items. And people have been pouring huge amounts of money into assets like cryptocurrencies and GameStop’s stock.

Some NFTs, a form of digital collectible, have sold for millions of dollars. Finally, the paper contrasts the policy implications of our framework with those of the standard models.Collecting and selling stuff has become a popular trendĬollecting and selling stuff - both physical and virtual - for expensive prices has become a popular trend. Further, the paper argues that there have been systemic changes to the structure of the economy that made the economy more vulnerable to crisis, contrary to what the standard models argued. This paper first describes the failures of the standard models in broad terms, and then develops the economics of deep downturns, and shows that such downturns are endogenous. Notwithstanding the diversity of macroeconomics, the sum of these failures points to the need for a fundamental re-examination of the models-and a reassertion of the lessons of modern general equilibrium theory that were seemingly forgotten in the years leading up to the crisis. After the crisis broke, policymakers relying on the models floundered. Monetary authorities allowed bubbles to grow and focused on keeping inflation low, partly because the standard models suggested that low inflation was necessary and almost sufficient for efficiency and growth. They did not predict that the financial crisis would happen and when it did, they understated its effects. The standard macroeconomic models have failed, by all the most important tests of scientific theory.