Alt, a card marketplace, vault and auction house, has introduced a new “Snap to Sell” feature that will allow users to receive cash advances for auction consignments by scanning cards into its app.
Alt has already been offering cash advances to sellers in-person at shows, including handing out $2 million in cash at last year’s National Sports Collectors Convention (for 2,000 cards valued at $4.5 million), but will now offer that feature for all users regardless of location.
The process begins when a user takes a photo of a card they wish to consign and submits it to Alt for a quote. The company says it will send customers an estimate within one business day using its Alt Value algorithm.
The user can then review the quote and accept the advance, which is up to 70% of the estimated value, and ship the card to Alt’s vault.
Once it arrives in the vault, Alt will deposit the advance into the user’s account. After the card sells at auction, the user will receive full payment.
Estimates expire after 48 hours.
Alt head of marketing Chris Callahan told cllct in August 2024 that the cash advance program, which was implemented only at shows at the time, was meant to inject liquidity into the ecosystem.
Callahan added that cash advances are dependent on the volatility of the cards, with more difficult to price examples, such as one-of-one cards or cards with fewer comps, receiving lower advances and more liquid cards receiving a higher percentage.
Will Stern is a reporter and editor for cllct, the premier company for collectible culture.