$17B-$27B of cardboard turns into DeFi collateral only when custody, grading, and redemption are boring enough for lenders to trust the token. Courtyard already sells vaulted/insured PSA, CGC, and BGS cards with worldwide redemption, while Collector Crypt is explicitly chasing collateralized loans against digitized collectibles. Oracle quality is the bottleneck: PSA grades, vault audits, and last-sale comps live offchain, so a thin floor can get walked up before someone borrows against a Charizard.

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