I used to collect Magic the Gathering cards. It is called a trading card game. Packs of cards called Booster packs are sold, they contained a random set of cards, generally 10 I think.
You never knew what cards you were going to get in a pack. Some cards were “common” and in virtually every pack. Some cards were “uncommon” and you would get one every several packs. Other cards were “rare” and you would be lucky to get one of those cards often.
The object is to collect the cards and create a deck of cards to play the game against an opponent. You can make different types of decks, and people generally have 2 or 3 decks at least. The deck building is a major part of the game. People study the cards that are released and make design there decks on paper, or at least in their head. Once they determine which cards they want they buy booster packs to try and get those cards. However as the booster packs are random a person may have to by multiple boxes of booster packs.
Another way to get the cards desired is to trade cards with someone who has it. If someone is building a “Red” deck, someone else may have a “Red” uncommon that they need. That other person may be building a “Green” deck and the “Red” deck builder may a rare that the “Green” deck builder needs, in this case a trade could be arranged. The “Red” deck builder could offer to trade the needed “uncommon”, 10 “commons”, and another “uncommon” for the “Green” Rare card. There is economics governing perceived value for a “rare” card that need to be met.
Every card actually has a perceived value both for trading and for purchasing outright. People sell individual cards and card lots that other people snatch up. These cards have real perceived value and people are willing to spend cash on creating decks.
People can and do play Magic: TCG (Trading Card Game) for a long time. New cards are released often, new strategies are developed. Some people are true collectors. It is a fun game. However eventually the old decks and cards become old and get put aside for newer cards. Some people find a new hobby and move on. If someone decides to quit, they often sell there better cards, but the others often get regulated to a shoebox in a closet.
A lot of money has been exchanged for those cards. There is perceived value in the cards, to collectors, to other players, and to the person who has the cards. A rare card can be sold at quite a profit, but the majority of cards are not worth much monetarily.
The value is not really in the cards. The value is in the experience of creating the decks, the socialization of playing the games and trading the cards, the community you are a part of. Money is exchanged for the cards that allow you to have experiences. Pretty much like everything else.
Mini-economies spring up all the time. In the case of Magic:TCG, the cards form a basis of an economy. Legal currency is occasionally used to facilitate transactions, but the cards are the items that hold the perceived value. I don’t think that is accurate, the cards are the items that hold the perceived value, but underlying that is the experience that having a particular card will allow that has the perceived value.
I have been thinking about this recently. I am online a lot. I belong to several online communities. Some of the communities sell gift cards that you can buy in a store, like Target or Best Buy, and convert into “online currency”. Then you can buy digital goods. A new outfit for an “avatar” (an avatar is an onscreen representation of your character in an online environment), or perhaps a online pet, or any number of online goods.
These items exist as bytes on a computer. These digital goods are traded, sold, purchased, collected, and hoarded, like material goods often are.
Accounts get hacked and people steal the online “currency” or digital goods occasionally. In the material world, houses and cars get broken into and things get stolen. Is there a difference there?
I know people who spend hundreds of dollars a month on their digital goods collections. These goods have no value outside of their online community. But in the online economy they have perceived value.
I have struggled with how people can spend so much on a graphical representation of an item, like a shirt, online and not have anything to back it up with.
Then I thought about Magic:TCG. The cards really only have value in their community. If everyone just stopped playing Magic:TCG the economy would crash and the cards would be worthless. But the cards are not really what has the value, it is the experiences and the community. It is a hobby and how a person chooses to use their free time (and disposable income).
The online communities are much the same. They provide an experience. While the goods may be digital, they have a perceived value in the community. If the community shut down, everything would be gone. But the experiences still remain. Generally to get a mini-economy going a online community has to be fairly well established, so the risk of it shutting down unexpectedly is reduced.
It is not the actually item that is important, but it is the experiences that item allows that is important. If it is a material good, or a digital good, they both provide valid and authentic experiences. Both allow access and validation in the communities a person desires to interact in.
The common thread is connecting with other people, sharing experiences, building ties, and enjoying oneself.
It’s actually pretty cool.