November 21, 2025
The On-Chain Pokémon Crypto Boom: RWA, Gashapon Machines, and the Contest over a Hundred-Billion-Dollar Market
#Pokémon #RWA #Crypto
Pokémon needs no introduction. For most people born between 1980 and 2000, it’s a childhood memory — a two-dimensional dream. Now that 2D world is breaking the fourth wall: Pokémon trading cards are becoming deeply intertwined with crypto.
From physical cards to on-chain tokens, from offline collecting to on-chain trading, Pokémon is no longer just childhood nostalgia — it’s turning into a real financial experiment with crypto characteristics.
Of course, this isn’t the first time the Pokémon franchise has crossed boundaries. Let’s start from the earliest versions and unpack this “on-chain Pokémon craze”: is it a bubble, or the next multi-billion-dollar narrative?
Three Waves of the Pokémon Card Craze: Nostalgia, Celebrities, On-Chain
The story of Pokémon cards is far more than “a kids’ game.” Behind it lies a complete market development history. Each wave of hype is the result of culture, entertainment, and finance intertwining.
2016: Nostalgia-Driven
The XY Evolutions set was a milestone — virtually a one-to-one recreation of the 1999 Base Set design. Charizard and Pikachu, which grew up alongside the post-’90s generation, returned to the stage. For many players who had become adults, these were more than cards; they were tangible forms of childhood memories. Some joked, “We couldn’t afford it as kids; now we can finally make up for it.” This nostalgia surge heated the market instantly. Niche promo cards like Mario & Luigi Pikachu were just US$30 in 2016; today they’re worth over US$10,000, validating the reality of emotional premium.
2020: Celebrity-Driven
If 2016 was “collective sentiment from old players,” then 2020 was “hard-core boosts from traffic and capital.” The global explosion of Pokémon GO brought both new and old fans into the TCG market. What truly pushed cards into the public eye was celebrity effect. Logan Paul appeared on stream wearing a first-edition Charizard necklace worth millions, igniting social media. Steve Aoki went further, opening “Aoki’s Card House,” driving a trend that combined physical card trading with online shows. In this wave, cards were no longer just a “geek niche hobby,” but moved to the intersection of mass culture and capital markets.
2025: On-Chain Boost
By 2025, the craze had been pushed to a new dimension. The launch of Pokémon Pocket digital card packs let mobile users experience the thrill of ripping packs, lowering the barrier to spread. Meanwhile, card vendors on YouTube have risen, and “live pack breaks” became a form of entertainment content that drew in younger users.
What truly sent the market boiling was the entry of crypto and RWA (real-world assets on-chain). The on-chain $CARDS gashapon (capsule) machine generated US$16.6 million in revenue in just one week, fully replicating the narrative logic of NFTs and GameFi — but backed by a real, 30-year-old Pokémon IP. At that moment, sentiment, traffic, and crypto capital converged, and Pokémon cards entered a new era of “on-chain financialization.”
Why Are Crypto Players Targeting Pokémon?
Many may wonder: crypto market participants already hold Bitcoin, Ethereum, NFTs — why cross over to Pokémon? Behind this are three layers of logic.
Similar Market Logic: Crypto and Cards Are Essentially “Kindred Assets”
The crypto and TCG markets are highly similar in their core logic.
Scarcity: Bitcoin’s supply is 21 million; first-edition Charizard cards are also extremely limited. Scarcity + consensus is the core value logic for both.
Cyclicality: Crypto has bull and bear cycles; cards also have booms and cool-offs. The 2016, 2020, and 2025 waves are somewhat analogous to Bitcoin’s halving cycles.
Speculation: Whether coins or cards, participants share the “buy today, rise tomorrow” mindset. Cards trade actively in traditional secondary markets, resonating with crypto’s 24/7 trading culture.
In other words, cards and crypto are both “novel financial derivatives” in nature — just with different forms. For crypto natives, Pokémon cards are another kind of “blue-chip NFT.”
RWA in Practice: Cards Are the Easiest Physical Assets to Tokenize
RWA (real-world assets on-chain) is a crypto buzzword of 2024–2025. People have tried tokenizing real estate, bonds, even gold. But the assets that truly satisfy all three — scarcity, ease of custody, and global recognition — turn out to be Pokémon cards.
Clear scarcity: Print runs of rare cards are public data, with grading firms like PSA providing endorsements.
Small and easy to custody: Unlike gold or real estate, cards only need storage in a vault or grading facility.
Global consensus: Pokémon is one of the strongest IPs worldwide, transcending language and culture — with name recognition arguably higher than “Bitcoin.”
This makes cards the optimal proving ground for RWA. Crypto users can buy tokenized fractions of cards, enjoy price movements, and avoid physically holding the card. It naturally fits NFT fractionalization and DeFi collateralization.
Gashapon Gamification: Meeting Crypto Players’ “Thrill Demand”
Crypto traders are used to high volatility and high stimulation. Traditional card collecting feels too “slow” by comparison. The $CARDS gashapon machine precisely addresses this pain point.
Players pay US$50 per pull and get Pokémon of varying rarities.
The project claims positive EV: on average, the cards drawn are worth more than the cost.
All transactions and results are on-chain, avoiding behind-the-scenes manipulation.
This model is essentially an upgraded NFT blind box/GameFi — except behind it isn’t a virtual JPG but a multi-billion-dollar Pokémon card market.
Crypto players are piling in not only because it’s a new narrative, but because it satisfies their craving for thrills and wealth fantasies. A similar example was the recent “BTC lottery machine” — the same FOMO logic.
Beyond Speculation: A Strategic Play to “Go Mainstream via IP”
Crypto has long had a problem: outsiders don’t get it. NFT, DeFi, Layer 2… these terms are too abstract for the average person. Pokémon is different.
Kids know Pikachu.
Parents have bought cartridges or plushies.
Hundreds of millions globally have played Pokémon.
When a crypto protocol tokenizes Pokémon cards, it’s leveraging this super IP to “break out of the bubble.” That’s much easier than telling a story from scratch. Just as NBA Top Shot used basketball to popularize NFTs, Pokémon is a natural bridge for crypto to the mainstream.
Capital’s Push: Not Just Retail; Institutions Are Betting Too
Don’t forget: behind the financialization of Pokémon cards aren’t just retail and KOLs. Some hedge funds are positioning in high-end cards as alternative assets. Grading firms like PSA and Beckett are partnering with RWA platforms to provide attestation/custody. Major exchanges are even considering “card indices,” letting investors one-click into a market-wide basket.
With capital flowing in, “on-chain cardification” may shift from a niche party to the next large-scale financial product track.
In short, crypto targeting Pokémon isn’t accidental. It’s the inevitable result of market logic, RWA trials, gamified mechanics, and capital’s push. For crypto natives, it’s not just a “new narrative,” but a ticket to the mainstream.
Opportunities and Pitfalls of On-Chain Pokémon
1. Opportunities:
A. A Hundred-Billion-Dollar Market
Traditional TCG market size: US$25–30 billion per year.
After blockchain-ization, CEO expectations are for 3–4× growth, reaching the hundred-billion level.
B. Influx of New Participants
Crypto users crossing into collecting.
KOLs and streamers driving FOMO.
C. Financialization of Cards
Tokenization → fractional trading.
Collateralized lending → unlocks capital efficiency.
Liquidity pools → give collectibles instant marketable value.
2. Pitfalls:
A. Overheated Speculation
Many crypto users enter without collector sentiment.
Once returns fade, they may exit rapidly and dump.
B. Fragmented Liquidity
The traditional market (eBay, card shows, OTC) is already scattered.
If every RWA protocol builds its own system, fragmentation worsens.
C. Emotional Value Is Hard to Tokenize
Collectors like the physical: holding the card in hand.
On-chain tokenization can’t solve “sentiment,” which may limit long-term acceptance.
D. Price Manipulation Risk
As with NFTs, some may wash-trade to push prices up.
Aggregator data can be maliciously exploited.
Conclusion: On-Chain Pokémon — Cross-Over Speculation and Genuine Collecting
On-chain Pokémon isn’t a story pulled from thin air; it’s the product of nostalgia + celebrity push + crypto finance acting together.
It may replicate NFT-style frenzy, or burn out like some GameFi episodes. But what’s different this time is the backing of a 30-year-old IP and a market demand long since validated.
For crypto natives, it’s a new-narrative speculation arena.
For collectors, it’s just another fluctuation amid the hype.
The craze will come and go, but the cards will remain in some people’s drawers, carefully preserved. Perhaps that is Pokémon’s true magic: traversing dimensions and finance, it is both an asset and a feeling.
