Another extremely rare copy of Zelda is heading to auction, and it could break records

What just happened? Imagine finding a sealed copy of a classic video game that predates your existence by 15 years and listing it on eBay before coming to the sudden realization that it is worth way more than you initially thought. That is what recently happened to a 22-year-old from California, and now his game is heading to Heritage's Video Games Signature Auction as the headlining piece.

CNBC recently profiled Kiro, the owner of an extremely rare copy of The Legend of Zelda. The game is from the first production run and is still sealed in its original wrapper, complete with a price tag from Fedco for $29.87 (about $80 today).

Kiro said the game has been in his family ever since it was purchased new, although it is unclear why nobody ever decided to open or play it. Back in October after doing some research, he decided to sell it on eBay with a Buy it Now price of $17,000. He was surprised when the game sold within minutes and messages from interested parties continued to pour in after it had already sold. One user offered to drive to his location and do the deal for $30,000 cash.

Realizing he might have something special on his hands, Kiro canceled the sale. After speaking with a collector that explained the rarity of his game, Kiro got in touch with a grading service and auction house that specializes in high-end video games.

What is Kiro's copy of Zelda actually worth? That remains to be seen, but an auction for a comparable copy fetched an eye-watering $705,000 in 2021.

Heritage's Video Games Signature Auction goes live later today. In the game's listing, Heritage notes light corner wear and some minor edge wear but adds "there's no doubting that this is a thing of beauty" and that we might not see another one for a long time.

Kiro said he will be grateful for anything the game brings, adding that he has already sat down with a CPA and won't be blowing the money. "It'll go into building long term wealth for myself and my family," he told CNBC.

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Heritage Auctions is part of a scheme to artificially boost the pricing in the collector's market on video games for monetary gain, and has improper relations with others in the space. Their big name auctions with big numbers are designed to generate headlines and spawn a circular cycle of "proof" of the high, extrinsic value of video games. These auctions are often fake, or performed between themselves and others that are participating in the scheme in order to generate "evidence" of the supposed high value of the items auctioned. This is the same tactic used in expensive art and NFT auctions to scam potential buyers.

Karl Jobst has done an excellent series of videos on this. It's disappointing to see techspot participate in this blatant market manipulation.

I know someone with a graded copy, he bought it back in 2011 as a treat to himself when he "made it" for $35,000. It's wild to think that these things could now be worth $1,000,000+.