Inside the trading card market: Why one card is worth AED50 million

What makes one card worth AED50 million, another worth AED140,000, while you can find a third card worth less than AED10? From the outside, they may all look the same: a small piece of paper bearing a drawing or character familiar to gamers. But in the world of trading cards, details that the average person might not notice can make a difference worth millions of dirhams. At FNDM 2026 in Dubai, this world was on display in all its contradictions, from enthusiasts searching for their favourite cards to vendors showcasing their collections, with cards ranging in price from a few dirhams to tens of millions. Amid all of this was a card of a completely different kind, whose owner, an Emirati known as Dabzi, says is now worth AED50 million. A card worth AED50 million... why? It is the original “Black Lotus” card from the “Alpha” edition of “Magic: The Gathering”, one of the most famous cards in the game's history. “Alpha” was the first printed edition of the game in 1993, and sources indicate that only about 1,100 copies of “Black Lotus” were produced in this edition. The “Alpha” and “Beta” versions also featured black borders, unlike the later “Unlimited” version, which had white borders. The card features artwork by the original artist, Christopher Rush. Some copies also bear his signature, giving signed versions particular significance among collectors. For Dabzi, the story did not begin with millions of dirhams. It started as a hobby. He says he has been collecting memorabilia since the early 1990s, from comics and games to anything he finds fun, collectible and eye-catching. The hobby remained part of his life for years until the coronavirus pandemic. With people staying at home and a larger share of the collectibles trade moving online, he began to see his hobby differently. The market began to grow, people were buying, and what he had collected out of passion also became a source of income. As for “Black Lotus”, he says his cousin introduced him to the world of “Magic: The Gathering”. He found the card online in 2015 and decided to buy it. The price at the time? $75,000, or about AED300,000. Today, he says its value has reached AED50 million. When asked whether he expected, at the time of purchase, that the card would one day be worth that much, he did not hesitate: “No, impossible. Honestly, no one expected that.” From hobby to investment The increase in the card's value reflects much of the change Dabzi has witnessed in this market. He says trading cards were once a niche market but have since become more mainstream. Many people now see them not only as part of a game they enjoy, but also as collectibles worth keeping. He explains it with a simple comparison: when you buy a stock or cryptocurrency, what you own exists as numbers on a screen. Here, however, you can hold your investment in your hand, much like a classic car, a painting or an antique piece of jewellery. As a result, Dabzi believes his card's journey has not ended at the AED50 million mark. When asked about the future of such a rare card, he imagined a very different destination: a museum. But a single card worth AED50 million does not, by itself, explain how this market works. AED140,000 A few steps away was another card carrying a hefty price tag, although it was far removed from AED50 million: AED140,000. Here, the question shifts from “How much is this card worth?” to “Who decides the price of these cards in the first place?” Card collector and seller Abdullah Al Khaja explains that prices are determined by a series of factors that build on one another. Cards come in packs, packs come in boxes, and obtaining a specific rare card can be extremely difficult. In the case of the card he displayed, Al Khaja says the product from which it could be obtained cost about AED40,000 to AED50,000. He estimates the chance of obtaining it at around one in 10. Then come the other factors. The card bears the signature of the character's voice actor, and Al Khaja says there are only 10 copies like it that have received a grade of 10 from card grading companies. From left: ‘Black Lotus’ card worth AED50 million, the 'Pikachu Illustrator' card worth AED33 million, and the card worth AED140,000. Why does the number "10" change the price? This is where a key concept in the trading card market comes into play: grading. To someone outside this world, a card may simply look new or old, good or damaged. Collectors, however, focus on much finer details. Al Khaja explains that the grading process examines the condition of the card, the accuracy of its cutting, whether it contains manufacturing defects, and every detail that can influence the final score. The card he is carrying, according to Al Khaja, received a grade of 10. The signature on it also received a grade of 10. As a result, two cards with the same identity can have vastly different values. Yet despite these figures, you do not need AED140,000 to enter this world. A market starting from AED10 At Trophy