Gambling on random Pokémon cards: Onchain gagcha hits record high as crypto sinks
June 2026 saw crypto markets collapse, with Bitcoin down more than 20% and spot Bitcoin ETFs losing a record $4.5 billion, yet onchain gacha spending hit an all-time high of $324 million. The surge came from tokenized trading-card platforms that let users buy randomized packs backed by real graded collectibles, especially Pokémon cards. These projects vault physical cards, issue NFTs tied to specific assets, and allow instant resale, buyback, or redemption, cutting the slow, illiquid process of offchain card trading. Demand is being fueled by a booming Pokémon market, heavy interest from Gen Y and Z collectors, and high grading backlogs. The model also carries custodial, authenticity, and counterfeiting risks, and its appeal is partly speculative, echoing loot-box style gambling dynamics.
