Price of Knowledge - EDHREC Market Capitalization

(Imperial Seal | Art by Li Tie)

Name Your Price

How much is a card worth? How much is a deck worth? A format? This article is a bit of a thought experiment, intended to highlight the popularity of Magic as a game, Commander as a format, and specific cards as staples, as well as the considerable investment players have made to pursue the game they love.

We often talk about ubiquity within Commander solely as a function of how frequently cards appear in decklists, and rightfully so, but certainly those decklists would look different if money was no object. We'd certainly see a lot more copies of Mishra's Workshop!

I submit that one clear reflection of a card's power level is the cost players are willing to pay, in literal dollars and cents, to include it in their decks over an inferior alternative. Thus, I thought it would be interesting to look at each card's EDH Market Capitalization - the total value represented by all copies listed in EDHREC decks, at a given price.

total market cap = total copies across all EDHREC decks × current price at TCGplayer.com

Note that, for the figures in this article to truly reflect the actual value of cards in EDHREC, we'd need to make the following assumptions, none of which are actually true:

  1. All of the decks on EDHREC represent actual decks of 100 cards in Real Life™, rather than just notional decklists.
  2. If, for example, 38,000 copies of Phyrexian Altar suddenly flooded the secondary market, they would all be valued at the current price of almost $90. Magic is a popular game, but demand is not infinite and we have lots of evidence that card prices are responsive to supply.
  3. The prices and deck counts I'm using are exactly correct. In reality, I'm a few days out of date, but I'm certainly close in every case.

So, as long as you're comfortable staying in the realm of the conceptual, here is a graphical depiction of the total value of every card in the EDHREC database:

Note the log scale. Color encodes date of original release - new cards are generally more ubiquitous in the current meta than are old cards. Black points indicate cards on the Reserved List.

This plot shows clearly the expected relationship between popularity and price. Reserved List cards, indicated in black, constitute some of the most expensive cards in the format (really, all formats) due to their top-end power and limited supply. Since it's not particularly interesting to talk about how much players value extremely expensive/broken cards and dual lands, I'm mostly going to ignore the RL henceforth.

Before I start the countdown of the Top 10 cards by market cap, stop and guess which cards you expect to show up.

Ready?

The top 10 most valuable cards across EDHREC

rank card num_decks price market_cap notes
#10
108,066 $45 $4,824,066 Almost certainly the best generic tutor; highly prevalent in combo decks.
#9
63,909 $77 $4,912,685 A Black Lotus for your commander, so you can set the table three turns ahead of schedule? Sure!
#8
97,319 $51 $4,941,859 You can understand why many decks would want a free (to cast) Negate. Not free to purchase, though.
#7
139,846 $36 $5,023,268 Leading the charge for ramp in white. Arguably an annoying play pattern, but losing is even more annoying. As with many of the cards on this list, probably due for a reprint.
#6
157,104 $33 $5,109,022 The first tutor, after which the mechanic itself is named. A staple in any black deck that needs to find combo pieces.
#5
185,490 $31 $5,770,594 The 8th most-prevalent card in Commander, featured in 36% of decks that can run it. Instant-speed, asymmetrical, scalable.
#4
137,954 $47 $6,416,241 The most popular fetchland in EDH, and the most expensive, possibly due to its popularity in other formats.
#3
96,518 $70 $6,735,991 Possibly the best Commander-relevant ramp ever printed in red, featured in 20% of decks than can accommodate it. Only released once.
#2
144,521 $163 $23,551,142 A big jump in total market cap from #3. Extremely powerful fast mana, especially in a format with a starting life total of 40. Could potentially go in every Commander deck, but it's only been released at high rarities or as a special promo. It's more widely available than the #1 card, and therefore less expensive, but its utility makes it much more ubiquitous.
#1
21,532 $1,599 $34,429,668 A strictly worse Vampiric Tutor; probably never run over Demonic Tutor. However, it was first released in Portal Three Kingdoms, and most recently printed as a Judge Promo, so there just aren't very many of them these in circulation. Combo-centric decks need a high density of tutors, and this one will do the trick... for a price!

Mana Vault, Rhystic Study, and Sensei's Divining Top just missed the top 10, but since I know you want to see even more data, here are the top 251 cards by total market cap:

name reserved ci cost num_decks card_price market_cap
Timetwister Y U 13,226 $6,325.00 $83,654,450
Imperial Seal N B 21,532 $1,599.00 $34,429,668
Mox Diamond Y n 52,826 $625.50 $33,042,663
Mana Crypt N n 144,521 $162.96 $23,551,142
Underground Sea Y L 37,447 $450.00 $16,851,150
Volcanic Island Y L 33,569 $485.00 $16,280,965
Tropical Island Y L 37,229 $430.00 $16,008,470
Bayou Y L 35,515 $375.00 $13,318,125
Tundra Y L 32,392 $357.99 $11,596,012
Wheel of Fortune Y R 36,956 $279.99 $10,347,310
Badlands Y L 33,368 $310.00 $10,344,080
Lion's Eye Diamond Y n 18,590 $540.25 $10,043,248
Mishra's Workshop Y L 3,043 $3,300.00 $10,041,900
The Tabernacle at Pendrell Vale Y L 2,397 $3,600.67 $8,630,806
Bazaar of Baghdad Y L 1,664 $4,999.99 $8,319,983
Taiga Y L 30,689 $265.00 $8,132,585
Plateau Y L 30,068 $250.00 $7,517,000
Savannah Y L 30,901 $225.99 $6,983,317
Dockside Extortionist N R 96,518 $69.79 $6,735,991
Gilded Drake Y U 21,385 $304.64 $6,514,726
Gaea's Cradle Y L 30,867 $208.47 $6,434,843
Polluted Delta N L 137,954 $46.51 $6,416,241
Cyclonic Rift N U 185,490 $31.11 $5,770,594
Demonic Tutor N B 157,104 $32.52 $5,109,022
Smothering Tithe N W 139,846 $35.92 $5,023,268
Fierce Guardianship N U 97,319 $50.78 $4,941,859
Jeweled Lotus N n 63,909 $76.87 $4,912,685
Vampiric Tutor N B 108,066 $44.64 $4,824,066
Mana Vault N n 79,096 $60.78 $4,807,455
Rhystic Study N U 157,316 $30.35 $4,774,541
Sensei's Divining Top N n 76,350 $61.80 $4,718,430
Wooded Foothills N L 123,802 $35.01 $4,334,308
Scrubland Y L 32,304 $125.00 $4,038,000
Sylvan Library N G 89,298 $45.01 $4,019,303
Urborg, Tomb of Yawgmoth N L 120,860 $30.73 $3,714,028
Cavern of Souls N L 52,023 $71.34 $3,711,321
Mana Drain N U 79,429 $44.05 $3,498,847
Phyrexian Altar N n 37,950 $86.98 $3,300,891
Deflecting Swat N R 74,584 $43.17 $3,219,791
Ancient Tomb N L 132,828 $23.74 $3,153,337
Scalding Tarn N L 118,035 $26.24 $3,097,238
Misty Rainforest N L 129,766 $23.56 $3,057,287
Doubling Season N G 40,500 $75.14 $3,043,170
Force of Negation N U 45,898 $64.70 $2,969,601
Chains of Mephistopheles Y B 1,956 $1,499.73 $2,933,472
Mox Opal N n 50,369 $50.93 $2,565,293
Mana Confluence N L 97,777 $25.74 $2,516,780
Windswept Heath N L 129,857 $19.13 $2,484,164
Bloodstained Mire N L 125,575 $19.08 $2,395,971
Breeding Pool N L 119,735 $19.96 $2,389,911
Teferi's Protection N W 79,609 $29.40 $2,340,505
Verdant Catacombs N L 123,866 $18.55 $2,297,714
Enlightened Tutor N W 92,203 $24.74 $2,281,102
Prismatic Vista N L 94,953 $23.97 $2,276,023
Intuition Y U 12,656 $177.21 $2,242,770
Serra's Sanctum Y L 7,771 $282.82 $2,197,794
The Great Henge N G 49,605 $42.88 $2,127,062
Transmute Artifact Y U 5,342 $396.24 $2,116,714
Mystical Tutor N U 103,464 $20.00 $2,069,280
Lightning Greaves N n 280,322 $7.33 $2,054,760
Force of Will N U 64,103 $31.78 $2,037,193
Flooded Strand N L 129,963 $15.30 $1,988,434
Sword of Feast and Famine N n 31,939 $61.99 $1,979,899
Sacred Foundry N L 104,224 $18.34 $1,911,468
Marsh Flats N L 122,368 $15.55 $1,902,822
Arid Mesa N L 115,393 $16.32 $1,883,214
Morphic Pool N L 51,905 $36.24 $1,881,037
Worldly Tutor N G 69,949 $25.49 $1,783,000
Finale of Devastation N G 53,198 $33.37 $1,775,217
Nykthos, Shrine to Nyx N L 68,959 $25.50 $1,758,454
Moat Y W 1,164 $1,500.00 $1,746,000
Blood Crypt N L 107,417 $15.44 $1,658,518
Steam Vents N L 112,585 $14.51 $1,633,608
Watery Grave N L 130,775 $12.48 $1,632,072
Toxic Deluge N B 81,064 $19.15 $1,552,376
Diabolic Intent N B 44,587 $34.70 $1,547,169
Chrome Mox N n 86,599 $17.77 $1,538,864
Overgrown Tomb N L 121,710 $12.56 $1,528,678
Swan Song N U 111,649 $13.29 $1,483,815
Esper Sentinel N W 62,238 $23.79 $1,480,642
Godless Shrine N L 113,839 $12.71 $1,446,894
Urza's Saga N L 38,047 $37.61 $1,430,948
Parallel Lives N G 30,662 $46.24 $1,417,811
Ragavan, Nimble Pilferer N R 18,934 $73.96 $1,400,359
Luxury Suite N L 43,560 $31.59 $1,376,060
Crucible of Worlds N n 36,138 $38.03 $1,374,328
Skullclamp N n 144,970 $9.36 $1,356,919
Deadly Rollick N B 43,599 $30.66 $1,336,745
Damnation N B 50,803 $26.18 $1,330,023
Kozilek, Butcher of Truth N n 20,648 $63.96 $1,320,646
Necropotence N B 41,915 $29.97 $1,256,193
Gemstone Caverns N L 43,920 $28.57 $1,254,794
Lotus Petal N n 71,496 $17.43 $1,246,175
Ulamog, the Infinite Gyre N n 19,521 $63.25 $1,234,703
Mox Amber N n 34,460 $35.71 $1,230,567
Capture of Jingzhou N U 2,439 $499.99 $1,219,476
Heroic Intervention N G 131,223 $9.22 $1,209,876
Cabal Coffers N L 66,802 $17.98 $1,201,100
Earthcraft Y G 6,822 $175.07 $1,194,328
Consecrated Sphinx N U 30,406 $38.70 $1,176,712
Green Sun's Zenith N G 44,207 $25.69 $1,135,678
Time Spiral Y U 6,315 $174.61 $1,102,662
Spellseeker N U 31,409 $34.35 $1,078,899
Temple Garden N L 104,530 $10.19 $1,065,161
Craterhoof Behemoth N G 36,021 $29.04 $1,046,050
Chromatic Lantern N n 102,996 $10.08 $1,038,200
Jeska's Will N R 67,074 $15.35 $1,029,586
Sword of Fire and Ice N n 19,243 $53.36 $1,026,806
Candelabra of Tawnos Y n 905 $1,134.19 $1,026,442
Anointed Procession N W 40,612 $25.23 $1,024,641
Blightsteel Colossus N n 19,184 $52.85 $1,013,874
Sol Ring N n 832,694 $1.21 $1,007,560
Stomping Ground N L 105,972 $9.42 $998,256
Mystic Remora N U 96,548 $10.22 $986,721
Ashnod's Altar N n 87,422 $11.06 $966,887
Field of the Dead N L 49,462 $19.49 $964,014
Grand Abolisher N W 40,303 $23.46 $945,508
Yawgmoth, Thran Physician N B 25,472 $36.78 $936,860
Flusterstorm N U 48,552 $18.85 $915,205
Shadowspear N n 46,193 $19.75 $912,312
Gamble N R 51,951 $17.52 $910,182
Sliver Queen Y Z 2,980 $303.04 $903,059
Power Artifact Y U 2,735 $328.20 $897,627
Assassin's Trophy N Z 64,677 $13.75 $889,309
Ulamog, the Ceaseless Hunger N n 17,690 $49.82 $881,316
Mikaeus, the Unhallowed N B 18,707 $46.18 $863,889
Liliana, Dreadhorde General N B 29,287 $29.42 $861,624
Land Tax N W 39,917 $21.49 $857,816
Exploration N G 41,712 $20.52 $855,930
Hallowed Fountain N L 111,556 $7.61 $848,941
Stoneforge Mystic N W 20,278 $41.56 $842,754
Reliquary Tower N L 278,936 $3.02 $842,387
Aetherflux Reservoir N n 54,729 $15.38 $841,732
Bloom Tender N G 33,555 $24.60 $825,453
Yavimaya Hollow Y L 9,462 $86.59 $819,315
Nether Void Y B 787 $1,038.52 $817,315
Phyrexian Tower N L 48,610 $16.67 $810,329
Dark Confidant N B 26,562 $30.48 $809,610
Bountiful Promenade N L 37,170 $21.11 $784,659
Bitterblossom N B 18,407 $42.34 $779,352
Grim Monolith Y n 26,811 $28.99 $777,251
Urza's Incubator N n 19,044 $40.51 $771,472
Sea of Clouds N L 39,401 $19.58 $771,472
Dryad of the Ilysian Grove N G 52,567 $14.35 $754,336
Growing Rites of Itlimoc N G 33,875 $21.80 $738,475
Force of Vigor N G 28,937 $25.16 $728,055
Carpet of Flowers N G 40,106 $18.03 $723,111
Shizo, Death's Storehouse N L 19,923 $36.10 $719,220
Exquisite Blood N B 22,387 $31.99 $716,160
Burgeoning N G 25,864 $27.19 $703,242
Snapcaster Mage N U 18,165 $37.99 $690,088
Forbidden Orchard N L 34,475 $19.99 $689,155
The Meathook Massacre N B 15,939 $43.08 $686,652
Jet Medallion N n 18,821 $36.45 $686,025
Guardian Project N G 59,326 $11.46 $679,876
Entomb N B 41,143 $16.29 $670,219
Jace, the Mind Sculptor N U 12,466 $53.46 $666,432
Strip Mine N L 54,017 $12.27 $662,789
Ravages of War N W 1,400 $473.00 $662,200
Purphoros, God of the Forge N R 33,013 $20.05 $661,911
Fabled Passage N L 134,918 $4.89 $659,749
Torment of Hailfire N B 41,856 $15.75 $659,232
Pact of Negation N U 56,486 $11.61 $655,802
Grave Pact N B 22,924 $28.35 $649,895
Spire Garden N L 34,609 $18.54 $641,651
City of Brass N L 88,329 $7.19 $635,086
Helm of the Host N n 36,976 $17.17 $634,878
Copy Artifact Y U 8,042 $78.58 $631,940
Lake of the Dead Y L 4,799 $129.49 $621,423
Elesh Norn, Grand Cenobite N W 33,629 $18.45 $620,455
Phyrexian Arena N B 71,881 $8.62 $619,614
Ruby Medallion N n 20,559 $30.10 $618,826
The Abyss Y B 476 $1,299.95 $618,776
Urza, Lord High Artificer N U 13,923 $43.45 $604,954
Grim Tutor N B 38,212 $15.76 $602,221
Reanimate N B 63,484 $9.47 $601,193
Goldspan Dragon N R 19,963 $30.02 $599,289
Sapphire Medallion N n 18,609 $31.94 $594,371
Survival of the Fittest Y G 15,355 $38.59 $592,549
Wrenn and Six N Z 6,026 $98.29 $592,296
Path to Exile N W 147,032 $4.00 $588,128
Cloudstone Curio N n 11,428 $50.59 $578,143
The Ozolith N n 34,023 $16.61 $565,122
Allosaurus Shepherd N G 10,418 $53.77 $560,176
Terror of the Peaks N R 28,531 $19.53 $557,210
Serra Ascendant N W 22,238 $24.92 $554,171
Vanquisher's Banner N n 43,873 $12.63 $554,116
Recruiter of the Guard N W 21,468 $25.70 $551,728
Aggravated Assault N R 13,233 $41.68 $551,551
Seedborn Muse N G 60,743 $9.01 $547,294
Vedalken Orrery N n 19,178 $28.37 $544,080
Ugin, the Spirit Dragon N n 26,988 $20.11 $542,729
The Scarab God N Z 14,141 $37.95 $536,651
Walking Ballista N n 36,249 $14.73 $533,948
Yawgmoth's Will Y B 13,260 $40.08 $531,461
Arcane Signet N n 578,258 $0.91 $526,215
Yavimaya, Cradle of Growth N L 55,591 $9.43 $524,223
Thassa's Oracle N U 55,756 $9.37 $522,434
Birds of Paradise N G 121,213 $4.25 $515,155
Emrakul, the Promised End N n 12,273 $41.91 $514,361
Flawless Maneuver N W 33,377 $15.15 $505,662
Avacyn, Angel of Hope N W 25,898 $19.31 $500,090
Ketria Triome N L 38,478 $12.82 $493,288
Oracle of Mul Daya N G 29,843 $16.44 $490,619
Nyxbloom Ancient N G 29,115 $16.81 $489,423
Twilight Prophet N B 13,446 $35.69 $479,888
Reflecting Pool N L 47,471 $10.09 $478,982
Zagoth Triome N L 42,007 $11.36 $477,200
Pitiless Plunderer N B 40,022 $11.92 $477,062
Anguished Unmaking N Z 60,416 $7.88 $476,078
Dictate of Erebos N B 37,500 $12.38 $464,250
Concordant Crossroads N G 9,752 $47.43 $462,537
Wurmcoil Engine N n 22,580 $20.44 $461,535
Drowned Catacomb N L 67,241 $6.80 $457,239
Coat of Arms N n 29,049 $15.65 $454,617
Null Rod Y n 5,429 $83.68 $454,299
Extraplanar Lens N n 13,027 $34.70 $452,037
Sakashima of a Thousand Faces N U 20,086 $22.43 $450,529
Sea Gate Restoration N U 28,725 $15.58 $447,536
Veil of Summer N G 56,560 $7.89 $446,258
Living Plane Y G 893 $499.55 $446,098
Savai Triome N L 40,760 $10.94 $445,914
Triumph of the Hordes N G 29,482 $15.04 $443,409
Sylvan Tutor N G 5,521 $79.59 $439,416
Training Grounds N U 13,769 $31.72 $436,753
Isochron Scepter N n 46,768 $9.32 $435,878
Razaketh, the Foulblooded N B 18,797 $23.14 $434,963
Raugrin Triome N L 35,402 $12.24 $433,320
Demonic Consultation N B 24,938 $17.30 $431,427
Volrath's Stronghold Y L 12,548 $34.21 $429,267
Sakashima's Student N U 6,428 $66.67 $428,555
Bolas's Citadel N B 59,455 $6.98 $414,996
Boseiju, Who Shelters All N L 11,564 $35.86 $414,685
Blasphemous Act N R 134,847 $3.07 $413,980
Hinterland Harbor N L 61,781 $6.67 $412,079
Fiery Emancipation N R 20,658 $19.92 $411,507
Thought Vessel N n 130,252 $3.14 $408,991
Inventors' Fair N L 54,447 $7.46 $406,175
Vorinclex, Monstrous Raider N G 15,572 $26.07 $405,962
Agadeem's Awakening N B 23,759 $16.96 $402,953
Opposition Agent N B 47,541 $8.38 $398,394
Diamond Valley Y L 491 $809.94 $397,681
Mycosynth Lattice N n 10,578 $36.82 $389,482
Personal Tutor N U 4,633 $83.89 $388,662
Spark Double N U 46,802 $8.29 $387,989
Argothian Enchantress N G 10,301 $37.20 $383,197
Heliod, Sun-Crowned N W 20,769 $18.35 $381,111
Gauntlet of Might Y R 1,306 $289.99 $378,727
Inkmoth Nexus N L 9,243 $40.67 $375,913
Oboro, Palace in the Clouds N L 4,320 $85.92 $371,174
Avenger of Zendikar N G 66,023 $5.60 $369,729

 

Turns out, Timetwister is the Apple of Commander.

The only question remaining to be answered: what does it all add up to? If we were to sum these market capitalization values across all cards in the EDHREC database, theoretically encapsulating the entire value of over 1,000,000 Commander decks (assuming our untrue assumptions hold), how much are all of the cards enumerated on EDHREC worth?

The answer: $804,053,241

Just think of the hours spent double-sleeving all of those cards!


Thoughts? Questions? Critiques? Suggestions?

Let me hear them! Do you think it's reasonable to assert that card strength correlates with market cap? Were you able to guess any of the top 10? Which cards are you most looking to see drop off the top of this list? I'd love to hear what you think, and if you aren’t already, please follow me on Twitter!

MtGDS (AKA Magic Data Science) is pretty new to the game, but is trying to understand it as best he can through data. He loves making graphs and finding new ways to measure things. You can read his non-Commander articles at http://mtgds.wordpress.com, and he's worth a follow on Twitter @MtG_DS.

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