What's going on, everybody? Welcome back to another episode of Stacking Slabs, your hobby content alternative, and a happy New Year to you. A special shout out to any of you who are listening to this wounded on New Year's Day. The confetti has dropped. You're nursing your hangover, and you're listening to some performance enhancing sports card audio on the Stacking Slabs network.

Have an open spot this week where I wanted to get on and wish you all a happy New Year and debrief. You debrief on the year that was and maybe look ahead a little bit. You know, I was sitting thinking about the calendar and planning, organizing, and realized I didn't really have a spot where I got an opportunity to talk about the hobby and the performance. I'd done that so often with other individuals on separate shows, but I wanted to share my perspective. And a big reason I wanted to share my perspective because it was an opportune it's an opportunity for me to lean into some of my analysis, observations of how I approached my previous role before I did stacking slabs full time, dust dust off the marketing chops, and dig in.

Dig into some themes, dig into some trends, dig into some observations, and some things that I'm seeing in my seat as a studier of markets and consumer behavior and also as a contributor to the sports card hobby. So I wanted to put this episode together, and I will say this from the top. I want all of this to map back and answer the question why this, what this means for us as the collector. So I'll be trying to pull us in that direction as I deliver this. I have a lot of notes.

It took me a second to get all of my thoughts on paper and then getting all my thoughts organized in a way where I can deliver an episode like this. So this is somewhat of a beast. I don't know how long this is going to last, but really what I wanna do is talk about macro trends that drove growth for 2025. It's very apparent we're in a bull market. I wanna talk about that.

Key players, companies that and things that are responsible for the growth or contribute to the growth, trends. I wanna talk about platforms and their impact and effect, and I think we're just getting started in terms of platform impact on the price of cards, what this means for us, and then spend some time towards the end digging into 2026 signals. I have no idea what's going to happen. I can't predict the future. I don't have a crystal ball, but I do have a lot of passion for studying studying what I'm seeing on a day to day basis.

So to set the stage for this conversation, I think undeniably, any way you cut it, you have to say 2025 was a banner year for sports card collectors. I can't not think about the August number in Card Ladder, $422,000,000 in sports cards sold online. And the purpose of this episode is to explore why this hobby is booming. I don't wanna get into individual cards. I wanna zoom out of that.

I want to focus more on those forces that are helping drive the market, and make sure that we're looking beyond prices. We obsess as a hobby over individual sale prices, but I think examining the macro drivers, from, you know, corporate shakeups, acquisitions, cultural trends, things that push the hobby to new heights. These are the things that I think are the most important that aren't being talked about enough. I want this to be is a strategic and honest look into how these platforms, companies, and collector behaviors all work together or did work together in 2025 to create the perfect storm of growth. And then why why does this matter?

Because I think understanding these forces at play will help us as collectors navigate the landscape when we're making deals, when we're trying to add to our collection. So let's start with the, growth. Right? We just talked about that August number, was insane, followed up in October with a $392,000,000 number, which was the second highest ever. Those figures don't include offline sales or deals in shops at shows or private transactions, which means the spend on sports cards right now is even higher.

And it's it's remarkable turnaround from where we were to where we are now. Obviously, the 2021 boom in content, I have used as disclaimer. It was an interesting time. Circ circumstances, you have the pandemic. And then we saw some lagging years in '23 and or '22 and '23 and '24, and things picked back up in a monstrous way in 2025.

Seeing on the industry tab, I think it was three consecutive months of record growth Through the summer, was certainly substantial. I think it's not just dollars. People are driving the dollars. The hobbies reach is expanded in '25. The national, which I was at and I've claimed, not claimed, but I've stated that I it was the the the most fun and exciting national that I'd ever been to.

A lot of that had to do with my participation from a business perspective and the work that I was doing there. I only bought one card, and it was a private deal in advance. But the national is booming. Record shows, local shows, regional shows are getting continuing to grow, adding more tables. There's just a huge influx of collectors on the ground.

The broadening of the base includes everyone from people that have been here for a while to brand new collectors that have been brought in through new marketing efforts and social media by manufacturers like tops and fanatics, and it's a big cycle that's moving around. And more participants means more transactions, which means more buzz, which reinforces this market that we're in. I think we're also starting to see it not just be about basketball or vintage baseball, but we're starting to see an uptick in other categories. We we've spun off a show about WNBA cards, which saw record growth. We spun off a show about football cards, and football cards have seen substantial growth.

But it is growth in soccer. It is growth in racing. It is growth in UFC and wrestling. And it's these tiny pockets of the hobby are built getting infrastructure built around them through promotion of products, through creators, through content, and it's really getting people excited. And one of the theses I have about stacking slabs is that stacking slabs can fill the need in a lot of these different areas and segments because we want more focus in niche content.

The more focused in niche content we create, the more excited people are to consume and participate and buy. And that's part of what I've gone all all in on as I'm building this business. And I think a broader market is a deeper market, and it signals the hobby isn't writing just off of one fad. It's a larger cultural phenomenon of collecting. I talked about going to WrestleMania this year in Las Vegas, and it was remarkable to me right when I walked into the the stadium.

The first thing I saw was a monster Topps Chrome cutout of Rhea Ripley. And when I walked into the WWE store, Mega Store, I mean, you couldn't walk anywhere without being smacked in the face with Topps Chrome WWE stuff, and I think that's really exciting. We're seeing a mainstream spotlight put on cards like we've never seen before. All you have to do is turn to the logoman of Kobe and, Exquisite Kobe Jordan selling for 12 point, 9,000,000 in August. This wasn't just hobby news.

It was mainstream news. You have characters like Kevin O'Leary involved. You're getting spots on shows. You've got the king of collectibles with Ken Golden and the Golden team. There is a lot going on.

And so for collectors, this mainstreaming is somewhat of a double edged swords. It's validating, but it also means competition on auctions. You've got economic and cultural tailwinds. I think it's worth noticing the backdrop. The wider, economy in 2025 stabilized enough that collectors had enough discretionary income to spend, yet traditional assets remain volatile enough for tangible collectibles.

That tangible collectibles looked appealing. That's interesting, and that's fascinating. And the more I consume content on that, the more I dig into that and try to figure out how that makes me respond and react and how that makes me respond, react and buy and put my money in cards is is something that I think is certainly fascinating. So those are some macro trends that I think are really important to call out and are we we could do an entire episode, and maybe we will. Maybe we do an entire episode on each of those buckets.

But I think those are the things outside of individual cards that are that matter right now. They're the undeniable forces. And I think there's a lot of key players shaping the hobby in 2025, and you can't do a podcast like this without talking about Fanatics and Topps. And no single player looms larger in 2025 than Fanatics. And after acquiring Topps in '22, Fanatics controls the production of baseball, basketball now, the NFL in the future, and the influence is everywhere.

And there's a lot of different influences, and it continues to grow with Fanatics and Topps. One of the big things, obviously, is product and licensing. For the first time in fifteen years, Topps is back producing NBA cars. The rollout of the, Topps Chrome launch is next level. It's unlike anything we have seen in a long time.

It is the way that I think we as participants in this hobby have to start getting used to cards. You saw it everywhere, and it was unstoppable, undeniable, Retail, hobby shops, Breakers is the main distribution. It is a new ballgame, and Topps is running it. It might be transitional chaos, but I think part of this is exciting and part of this will get us to think a little bit differently about how we go about engaging with new product. Fanatics also has marketplaces and integration.

Obviously, bought PWCC. They're creating an ecosystem around, that. They are Their marketing and hobby growth initiatives are undeniable. Michael Rubin, you got to keep saying it, TEDx the hobby. And we all kind of laughed at it.

But then we look at what's happening around us, and it's been crazy, whether it's Hobby Rip Night and the focus on the local hobby shop and the activation through that or using athletes like Brady, Cooper Flagg, Victor Wimayama, using these athletes as, you know, promotional channels for your product is something we've seen, and it is this fusion of grassroots plus mainstream activation that's been nuts to see. You've got innovation of new products. You have debut patches, chase cards, what these prices are going for. I mean, all you have to say is, like, the Ohtani that sold for $3,000,000 a couple weeks ago. It's we're we're reaching new heights and new levels.

And there's a power struggle. Right? We can't discuss Fanatics without the elephant in the room and Panini. And Fanatics aggressive moves to secure the licenses led Panini to sue for antitrust in '23 and led to a countersuit. And I'm not a legal podcast, and I don't plan to be, but there is a lot going on there.

And I think undeniably, whether they've lost license or not, Panini remains one of the two big competitors. But without certain licenses like NBA and NFL, it's going to be very, very interesting to see how Panini make plots and makes its next moves. You know, Panini is, I think, is still a a key player that had shaped 2025 producing, you know, final runs of basketball and, final runs of football. They are focusing a lot on blockchain of it all, which, is not necessarily for me, but is is an area of focus where people are spending a lot of money. There is the opportunity, which I'm beginning to see them take shape as NIL, college, getting in front of these athletes and that being a lane for them.

Only time will tell. I can't not talk about eBay and just everything that eBay has done. And eBay, obviously transparently is a partner of stacking slabs. I'm a big fan of eBay. I buy most of my cards on eBay.

I work with incredible people at eBay, but it is eBay's a monster. There, you know, I want to bring more conversations from the people at eBay to you this year because I think it's important. EBay is continuing to innovate. EBay is continuing to lean on partners ecosystem, bringing in new data sets. There's a lot going on.

And but with as eBay continues to sell record sales volume and sell quickly, like, there's other players that are, you know, stepping up to the plate, whether it's old, whether it's whatnot on live commerce, eBay focusing on eBay live. You've got golden, which is has been acquired by eBay that's being integrated into eBay sales. There's just a ton going on. And so what does this mean for us? And I think the collector, I think more marketplaces means more options to buy and sell, which can be great for finding deals or reaching different audiences when you plan to sell.

It can also mean fragmentation. I think a card might sell for slightly different for slightly different prices based on the platform. And as a experienced collector, it pays to monitor these channels. And also with these bigger players like Fanatics or eBay that are directly competing, there, it'll be interesting to see how the innovation takes shape. You can't talk about this topic without talking about repackers and big breakers, which a unique player in the modern history of the hobby is the rise of the third party repack products on high profile group breakers.

And these aren't traditional companies manufacturing new cards. They've outsized influence on hobby trends. So repack. I did not think going into 2025, I would be talking so much about repackers. But inevitably, especially during conversations with entrepreneurs, repackers continued to come up.

This plethora of mystery pack repack products hit the market. Some run by established firms like David Adams, Hit Parade, and Leaf's buy back products, but a lot of it was net new. There was a lot of new stuff going on. And these repackers have catered to collectors and gamblers for the desire for to chase these hits. And if done right, they can be fun, but they can and they can deliver surprises, but done poorly, they can feel like a scam.

And I think we're constantly having to battle these two sides of, is this right? Is this too much gambling? Is this good for the hobby? And I think those are the questions we'll continue to ask ourselves undeniably. Repackers Repacks have caused the price of sports cards to come up and continue to rise, especially looking at segments of the market like case hits from Panini.

So I think that's something very, very interesting. And you've got breakers and influencers on top of that. And the breaking scene in 2025 really started to focus on the celebrity cultures and these big breakers, and, there was a lot going on. And, you know, I am I bought into one break this year. That was it for me.

And I'm not a breaker. I'm not a gambler, but I wanted to be a part of the Bowman u Bowman Chrome u launch and Ryan at Cart Collector two, such a big college guy. I bought into his break supporting a friend. It was fun. Bought Notre Dame hits.

Notre Dame spot for, like, two ten case breaks, and it was fun. But I, you know, I I came out with some cards, but no primary hits. And I didn't spend too much money. I spent enough for me to be like, oh, that was a decent amount of money, but also my expectations were low. But after going through that once, I just can't imagine doing that all the time.

And so that's just me though. So I think the biggest value Breakers can have for collectors is the unearthing of these cards immediately because the the volume is that is being ripped is outstanding. But I think you gotta understand there's an entertainment factor here, but then there's big risk. And I think smart collectors watch the break results and know where the singles that they want are going to end up landing. The whole grading company thing is is insane.

I mean, there's and, again, full disclaimer, Stacking Slabs works with collectors and PSA. There are plans for stacking slabs and collectors continue to work together in 2026. Obviously, there has been a lot of conversation and dialogue around the moves that collectors is making to acquire BGS and SGC. They're from from my vantage point, and again, I have no inside knowledge. I don't have these types of conversations with the people at PSA and collectors.

But, you know, the volume that PSA is getting continues to increase and is not slowing down. And my thought process around is, well, there are these other outfits, SGC, BGS, and that can help, take on some of the volume. And, you know, is collectors in PSA, are they shaping up for, going public? I think it's that's highly likely. But regardless of whatever your position is on the makeup of the grading scene right now and what's happening, like, it's undeniable that grading is only continuing to rise and soar, especially around, the PSA 10 segment.

I mean, we could do another whole episode on PSA 10 impact. I think all of this, like the key players, Fanatics, Panini, marketplaces, repackers, breakers, graders, these forces altogether or these activities of these forces altogether really change the landscape of sports cards in 2025. And for the season collector, keeping up with these moves isn't just industry gossip. It's essential strategy. We just because moves are being made and because we might not like or like some of these moves doesn't necessarily mean they just need to be negative or they just mean to be gossip.

Like, I like, I'm trying I I don't report do the negative reporting. I don't do the YouTube gotcha videos. Like, that's not my brand. I'll never do that nor do I care. I don't find that stuff interesting.

What I do find interesting is, these forces and these moves that are happening that companies are gonna do no matter what. They're gonna do because they're businesses and they're trying to grow. I find it most interesting to find out how these forces between a collector's acquiring these companies and a fanatics investing in a live selling platform and a Golden doing, the Netflix show. Like, how do these things all play together, and how do they impact me as a collector? That's how I'm looking at things.

It all trickles down into our day to day hobbies. So looking at the trends that are driving some of the behavior in 2025, you know, I think just gotta shine a light a little bit on on brakes and brakes becoming the default experience. I think if twenty tens were the era of the box buyer, 2025 is the era of the group break. Breaking where collectors buy a slot into a group and, you know, see it on a stream has become the way that so much of the hobby participates. Now I'm trying to be as objective as possible.

I am pro breaks. I don't think it should all be about breaks. I I fear that, you know, we are leaning too much into the gambling culture. I think seasoned collectors understand that the risk within breaks. I also see positives with breaking in the social component.

There also is the entertainment factor. Then you've got repacks. And, like, I've talked about it until we're blue in the face. Like, I've seen enough YouTube videos with repacks and buyers to understand, like, at the local show scene, the biggest imp like, how repacks have become such an in or how repacks have become such an impact on the market and what's happening. I think it helps probably accelerate card show resurgence.

You know, promoters maybe are more likely to put on shows, more investment that are going, the more deal making. And all ultimately, like, this creates more content opportunities. Again, it's not a space I plan, but it's a flavor of content. I I I don't really hear too many people talking about social social media and social commerce and how that impacts us as collectors. You know, I I still view Instagram as an essential platform for the stacking slabs brand.

It's still the premier place for card sharing image sharing pickups. It's also a marketplace, one to one marketplace with how people transaction transact and buy. You've got story sales. You've got people going live with doing auctions. Moving high end cards through DM for big sums, that happens.

Whole networks of trusted dealers exist where a quick post of a card can result in a 5 figure sale via PayPal. Many seasoned collectors have adapted by building their own IG presence. I'm one of them. I invest a ton of time, energy, and resources in my Instagram because that is my website. That is where people go.

That is where people find me. And so I think Instagram will continue to play a pivotal role in our hobby. Facebook groups and forums, I'm not in them, but I appreciate people who send me. I am in them. I'm not active in them.

However, I rely on my friend and send networks to share cards that they that they find that I might be interested in. The 2012 Bridgy Wayne Black Finite one zero one is one of them. Like, that was posted in a Facebook group, and I wouldn't have known about it if it wasn't for my network. You've got TikTok and YouTube, the discoverability and crossover of it all. Like, these are platforms, specifically YouTube, I don't spend a ton of time on, but I know the impact.

I know the content that's being created, and I know how those platforms are the first place a lot of people go to check out, content. I think this year in collector behavior was defined really by community and excitement, breaking online with friends, chasing these mystery hits, meeting up in shows, The hobby is on twenty four seven on social. And the the hobby isn't a solitary push pursuit in an attic anymore or in our own basement. It's connected everywhere. And this connected experience that we have in the hobby is one that we is very observable, and I think it's understanding as participants how we navigate that.

And the more we dig into it, the more important I think it'll be for our overall collecting. Live commerce is another one. Big shifts happening there. EBay live. I you've got eBay live, Fanatics live, whatnot.

I mean, this is this is a whole shift in the way we consume content, the way we buy. You know, I worked directly with eBay, and it was undeniable at The National. Like, the big push was eBay Live and the velocity of transactions that can happen in eBay live and how sellers can move inventory. It's it's it's a trend that's only going to continue. And I think these sorts of trends, even if they're not for you, it's good to be curious and ask questions because at some level, they're having some sort of impact on you as the collector.

I think the convergence of platforms like YouTube, TikTok, Instagram, Facebook, Live Commerce, eBay Live, whatnot, Fanatics Life, creates a hypercharged environment for for 2025. The news spreads in a flash. You know, there was the 2013 Andrew Luck Black select that was pulled one of one, and that got pulled, put on a video, and I got tagged and shared it a million times. And it was, like, instant. It was, like, moments later.

So the news spreads fast, but FOMO can, you know, take a grip of this because of it. We're getting in inundated with news and information. And I think the ability to immediately transact and play to that impulse is right in front of our face, and it's only gonna continue. But this requires discipline. It's easy to get caught up in this twenty four seven excitement and overspend on the wrong hype.

Those who navigated with clear head likely did very well, and those who didn't might have some buyer's remorse. I think as we move forward, it's important to keep an eye on the platforms and how you engage with them. The hobby center of gravity has shifted online in a big way, and understanding that landscape is now as important as knowing certain checklists of sets that you like. It's a new skill in a new era. So why these forces matter?

Like, why do these matter to us? And we've I'm trying to go as fast as possible. I got a lot to say, but we've covered a lot of ground. Record breaking sales, the platforms, players. But distilling it down to what this means for us, I think, is very important.

I think one big bullet that's on my mind is the hobby is bigger, and it's here to stay, at least for now. I think one clear message in 2025 is the hobby has staying power, which is important, and no one is giving this industry credit for, like, having some staying power. The pandemic era boom wasn't just a blip. The hobby didn't just crash down in 2019 level. It established a new higher baseline and kept growing in '25.

For collectors, it's validation and relief. It means those collections you've built likely held value or appreciated, and you have a larger pool of fellow collectors to buy, sell, and trade with. Card shows are lively, and new products are coming out regularly. However, bigger hobby also means more competition on key items that you want. If you've been sitting on the sidelines unsure if the hobby will tail off, it might be time to lean back in.

The market is showing strength in different eras, different segments, and it's just something important to There is more corporate influence. There's pluses to this. There's cons to this. The national, the corporate space was bigger than ever before. It felt more like a professionalized trade show.

I was there. I was a part of it. I was trying to have conversations for stacking slabs with industry players and leaders. You know, more corporate influence, it's gonna there's gonna be product availability and pricing, which is going to be a topic. Fanatics has talked about expanding distribution and making sure product is available not only online or in hobby shops, but in retail.

I also can't stop thinking about the fact that Walmart had a booth at The National and what that means. This is going to mean more innovation and hobby experience. Their investment in technology is only going to increase. Build for the hobby is a show we do here with Inferno Red technology. If you want more insights information on tech trends, it's a great show to listen to.

Obviously, there's monopoly concerns. That is a conversation that's constantly happening. There is a a lot going on just with with the corporate side. I am fascinated with the corporate side, as someone who studies corporate behavior activities. And maybe that's a slice of content that I'll be more focused on and bring to you in 2026.

I think a big asset that is a takeaway is collector community and knowledge. I think the forces at play in 2025 all point to one thing. The hobby community is stronger and more interconnected than ever. We, as collectors, can use that to our advantage, and that might mean forming or joining small groups, listening to podcasts, whatever it means. There is so much knowledge and insight and information that is within this community, and we need to be on offense in order to build the relationships and to learn and understand about it.

And I hope you view stacking slabs as a resource for some of that as we move forward. There's always opportunity. There's new opportunities for collectors, and that's one thing I'm thinking a lot about as I enter 2026. Don't just follow the herd. Turn left when others are turning right.

An old stacking slabs ism. The more we do lean into something different, though, and we have a lot of confidence about that cause we love it, the better off we are than chasing something that might blow up. Signals for 2026. What to watch for after this year? Some things on my mind, licensing and transitions and product shake ups.

It's a big deal. It is a really big deal that, we're in the middle of this license transition. It's very it's it's an opportunity for us in a unique time to observe and to observe and start to see early what we notice and where there are opportunities. It could be on things we like or we don't don't like. Also, is it a market continuation or is it market corrections?

The way you think about this or the way I think about this is through the macroeconomic trends that we talked about. But it can be nerdy stuff like interest rates, inflation, or broader recession. Conversely, if the economy hums and people have money, collectibles might continue to climb. Collector sentiment, very crucial. It's an advantage that we have by being in the game and listening, understanding what people like, what they don't like.

Another signal, volume and new collectors. Fanatics' main mission is to convert sports fans into collectors. Collectors. Does this mean there's going to be new collectors, and what happens? That's big.

What are some of the other things that are trying to be pushed to distract sports cards? It's inevitable. Whenever sports cards are booming, there are other things trying to weasel their way into our hemisphere. I think overall, my gut in 2026 will start very, very strong given Tops Chrome basketball release, given platform investment and growth, but we might seen selectivity from buyers. This the days of every parallel, every base card, all these stuff going up is likely coming to an end.

There's too many cards. What cards matter? That's the question we need to ask. It doesn't matter if it's a Cooper Flag rookie card. Why does this one matter?

Is Lineage, legacy, rarity, scarcity, like, those are the things that I'm paying attention to. There's ongoing innovation. A lot going on. How is this going to shake? Is it grading technology?

Is it quality assurance or printing control? What sort of experimentation is taking place? Obviously, there's regulation and legal outcomes, whether it's gambling laws, antitrust, counterfeits, all that stuff. It's important to pay attention to. There's collector's adjustments.

There's this next generation. What do the new collectors that are entering like, and how does that shape the way we are collecting and the way we're operating? There's a lot there, but I think it's mostly good. You know, as we come to an end on this episode, I think 2025 was really about consolidation and growth, and 2026 will be about execution and the evolution of our hobby. The groundwork is laid.

Big companies are in place, and big audience is watching. Now we'll see if big companies and others can deliver products and experiences that keep people excited, Or does it fade? For you as a collector, the best position is is to be informed and to be nimble. Be critical. Think the signals above from license changes to market indices will help you decide to buy, sell, hold, pivot your collecting focus.

I think one thing's for sure. It's an exciting time. I'm fired up to to dive in and continue to deliver collector focused content to you, the passionate collector in this space. The hobby we love is changing, but core aspects remain. The thrill of the chase, the joy of discovery, the camaraderie with other collectors.

I think if twenty five was any indication, twenty six will have its own share of headlines and memorable moments, perhaps a big card selling or perhaps just awesome stuff happening between collectors. We'll be here to be let it all soak in, and I'll continue to be delivering Stacking Slabs episodes, across this platform. We're very focused on being the platform for the sports card collector, the serious season collector who is very focused and treats the hobby as an escape and spends your disposable income on sports cards because they make you happy. That's what we're here for. That's why I show up every day, and I love it.

I've got a lot to say. I've got a lot of thoughts, and appreciate you, the, passionate sports card collector, for being here along for the ride. Happy New Year. More stacking slabs on the other side. Take care.

Talk to you soon.