Pokémon TCG marketplaces near record as tokenized collectibles show staying power

Weekly revenue across Pokémon TCG marketplaces rose to $5.38 million for the week ending April 6, just shy of the all-time high set in September 2025. What's significant this time compared to six months ago is the structural difference.

The September 2025 high was concentrated in a single pump week due to its TGE, while the current high prints have stacked across six consecutive weeks, with Courtyard responsible for the majority.

The second-order read is that tokenized collectibles have moved past the "NFT adjacent" category and into a workable RWA subcategory.

Courtyard's model, which uses physical cards vaulted with a third-party custodian and backed by an NFT redeemable for the physical card, is attracting collectors seeking fractional liquidity without crypto-native speculation risk.

The tokenization layer of these platforms is being used as a liquidity wrapper, rather than a purely speculative venue. This means cards are flowing out for physical delivery, which validates the pricing function of the onchain market. Furthermore, this creates a template for the broader "tokenized IP and collectibles" thesis that NFT-era projects failed to produce. 

Courtyard's revenue run-rate, which is approximately $200 million annualized at current levels, exceeds that of most mid-tier NFT marketplaces in 2021, but with orders of magnitude less marketing spend because demand is being pulled by riding the hype of the physical Pokémon market.

The near-term risk is that the physical Pokémon bull market comes to a halt.

On the other hand, the longer-term opportunity is that it could signal product-market fit for tokenized collectibles, setting a model for categories like sports cards and watches.

This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.