Street Fighter II Collection

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Today I’ve done a deep dive into the Street Fighter II Collection that will IPO on Otis April 26th, 2021 at 12 PM EST. It is open for pre-sale to VIP members right now.

What is the Street Fighter II Collection?

This is a set of three different Street Fighter games for the Super Nintendo (SNES) – a copy of Street Fighter II graded a 9.6 A+, a copy of Super Street Fighter II graded 9.4 A++ and a copy of Street Fighter Alpha II graded 9.2 A+.

As a reminder – go read about the WATA scale if you haven’t yet. The grade is the main driver of a video game’s value and understanding its meaning is crucial. The first number represents the condition of the item (in this case, the unopened box) on a 10-point scale, with increments of .5 until 9, and then increments of .2 until 10.

The second part of the grade is the seal grade – the condition of the factory seal. This scale goes from C to A++.

The Collection IPOs on Otis on April 26th at 12 PM EST for $19,500.

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Cultural Relevance

Street Fighter is the most influential fighting game franchise of all-time (and the highest grossing one), and in particular, Street Fighter II paved the way for all the 1 v 1 fighting games that have come since. The side view, the joystick and button combination, the emphasis on unique characters and the gameplay mechanics (the game introduced the idea of fighting combination moves) were important, but the lasting legacy was in moving arcade games away from a solo endeavor and more towards 1 v 1 competition.

Released in 1991, Street Fighter II was originally a massively successful arcade game, unofficially one of the top-3 grossing games of all-time and the SNES version (released in 1992) sold over 6 million copies. Anyone who grew up in the 90s undoubtedly played it at one point – I still remember the combo for Ryu and Ken’s Hadouken. It’s still considered one of the best video games ever produced. Its popularity in the mid-90s led to one of the first (and worst? – this article argues it’s so perfectly bad that it’s actually brilliant) video game film adaptations, starring Jean Claude Van Damme. I definitely saw it as a kid.

Super Street Fighter II was actually the third follow-up in the Street Fighter II series and introduced four new characters but was more or less the same game. Street Fighter Alpha II was the first follow-up to the Street Fighter Alpha series, which was the sequel to Street Fighter II. Neither game was as successful or as memorable as the original Street Fighter II. While there is a lot of nostalgia for Street Fighter II, that really was the peak for the series itself, with only one new game released since 2012 (Street Fighter V, which was a commercial disappointment) – it has been eclipsed by the fighting games it inspired.

Inferred Value – $12K+

[Detailed Valuation available to Insiders Only]

Asset Growth TTM

[Insiders Only]

Growth Outlook and Future Catalysts

The video game market continues to gain momentum and Street Fighter II is a reasonably desirable title. However, like with all these games, there is also the possibility that many more sealed copies exist and as new supply turns up it would likely cause prices to stagnate or drop. There is an auction about to go live at Heritage for a copy of Street Fighter II graded 9.2 A+. If it ends up selling in the $6-7K range, that would be consistent with the valuation above. Anything higher or lower wouldn’t be definitive but would be another valuable data point before the collection begins trading. Also, they just made another Mortal Kombat movie. It’s only a matter of time before we get a Street Fighter reboot.

Category Strength

The Video Game Cartridges category returned a 59% ROI in Q12021.

Subcategory Strength

[Insiders Only]

Risk Profile

[Insiders Only]

Asset Liquidity

This will have a roughly 30 day lockup period then will trade daily.

Platform Risk

[Insiders Only]

Intangibles

Hadouken!

Disclosure: I may buy shares of this IPO.


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Author

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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