PrizePicks has announced an expansion beyond fantasy sports into the collectibles market with the launch of PrizePicks Packs. This new digital trading card product allows users to purchase and open digital packs that contain real, physical cards held in secure storage facilities.
How do the digital trading card packs work?
Users select a pack within the app and pay a price ranging from $1 to $2,500. The product features three specific categories: football, hoops, and Pokémon. Once a pack is opened digitally, the user is revealed one real card.
Before purchasing, buyers can view estimated odds and pull rates. PrizePicks uses data from independent third-party providers to establish a Fair Market Value (FMV) for each card. After a successful pull, users have two primary options:
- Have the physical card shipped to them, with delivery typically taking one to three weeks.
- Sell the card back to the platform at 100% of its stated FMV.
If a user does not choose an option within three days, the card automatically sells back to PrizePicks and the funds are added to the user's app balance.
Why is digital ripping trending?
Digital ripping allows collectors to experience the excitement of opening packs without visiting a physical store. This method follows a growing trend in the hobby, where many consumers have moved toward online "breaks" or digital formats.
While the company has not stated the product is gambling, the process involves paying for a randomized outcome in hopes of receiving a card worth more than the entry price. The industry remains divided on this characterization; for instance, the Certified Trading Card Association argues that cards are collectibles rather than wagers.
FAQ
Can I get a refund if I dislike my card?
No, all sales are considered final once a digital pack has been opened.
Where are the physical cards kept?
Every card pulled is a real item held at one of the company's secure storage facilities or through a vault partner.
