NES – Teenage Mutant Ninja Turtles

Welcome to the latest issue of Video Games Insider – FREE VERSION

Today I’m going to look into a copy of Teenage Mutant Ninja Turtles that is IPOing at Rally Road on Wednesday, September 15th, 2021 at 12 PM ET.

1989 NES Teenage Mutant Ninja Turtles

About the Asset

This is a copy of Teenage Mutant Ninja Turtles for the NES graded as a 9.4 A by WATA as a Rev-A, Oval SOQ TM variant. It was released in 1989 — mirroring the success of the cartoon based on the comic book it became the ninth highest selling NES game. It is one of 10 9.4s with 10 graded higher.

It was originally purchased by Rally for $20,000 on July 6th, 2021.

About the Drop

This asset will drop on Rally Road at 12 PM ET on September 15th for $22,000. There is no retained equity. Rally Road typically schedules the first trading window between 3-5 months after the IPO funds and the assets are supposed to then trade quarterly, but the schedule has been erratic.

Add IPO to calendar

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Recent Sales and Current Valuation

[Detailed Valuation available to Insiders Only]

Category Strength

The Video Game Cartridges category posted a 12% ROI in Q2 2021.

Subcategory Strength

[Insiders Only]

Subcategory Risk

[Insiders Only]

Past Asset Growth

[Insiders Only]

Growth Outlook and Future Catalysts

There are two important auctions coming up – there is a 9.4 A+ at Goldin that is hammering this weekend – it would take a result in the 30K range to match a $22K valuation for this asset. There is a 9.8 A+ next month at Heritage that I’d look to hit at least $75K+ to make this asset worth its $22K valuation.

In general, despite its commercial success and the cultural imprint of the Ninja Turtles, this is not a particularly well-remembered game or sought after asset. Personally, when I think of a Ninja Turtles game I think of TMNT II – the Arcade Game that came out the next year.


I expect this IPO to sell out quickly (and before either of those two sales occur) due to the frenzy around sealed video games and the fact that a lot of the video games on Rally and Otis are trading well above their inferred values. But keep an eye out on the above results for when this hits the secondary market whenever that may be.

[Full Evaluation for Insiders Only]



Adam Katz

Adam Katz

Adam is a lawyer and real estate investor with a finance background. His diverse job experience includes stints in a MLB front office, a major global law firm and the real estate investment fund he co-founded. He is bringing his well-honed research and valuation skills to the world of fractional investing. Born and raised in San Francisco, he currently lives in Brooklyn with his dog, a pit bull mix named Beaux.

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