# Tokenized Interest

On Market.Cards, every market is backed by a real physical card that is held in custody by the platform. For that card, we issue a corresponding ERC-20 token on-chain. Through tokenization, that token represents the rights associated with the card. This is Tokenized Interest, which we usually refer to as a Token in the actual product.

In simple terms:

**(1) One physical card → one token.** Each listed card corresponds to an independently issued ERC-20 token. The token's total supply is fixed in the smart contract and cannot be increased.

**(2) The token is divisible and tradable.** Through tokenization, a rare card that would otherwise be one indivisible physical object can be split into many small shares. This lets you participate with as little as $1, and also allows that interest to be freely bought and sold in the secondary market.

**(3) Holding the token = holding a share of the card's rights.** On Market.Cards, what you hold is the Tokenized Interest of a specific card market. It may give you two kinds of rights:

* **Economic rights**: participation in the value movement of that market.
* **Governance rights**: **voting on specific disposition matters related to the card, such as a sale.**

{% hint style="info" %}
**Important note**

Holding Tokenized Interest does **not** mean you directly and physically hold the card. It does **not necessarily** mean you:

* actually possess the underlying card;
* can redeem it for the physical card yourself;
* have unrestricted ownership of the card.
* Your specific rights are governed by the applicable **listing rules, platform terms, and related legal documents**.
  {% endhint %}


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