Flesh and Blood Cold Foils: collector value guide

Rather than the all-over shimmer of a standard rainbow foil, a cold foil applies a metallic, silvery layer to selected parts of the card, typically the border and the key object in the artwork, so the image appears to catch the light in patches. Legend Story Studios, the Auckland-based publisher, reserved this treatment for its scarcest printings, which is why cold foils became shorthand for the top end of the market.

The earliest and most sought-after cold foils come from the original print runs of the first two sets: the Alpha print of Welcome to Rathe, released on 11 October 2019, and the 1st Edition of Arcane Rising, released on 27 March 2020. When the publisher later produced black-bordered Unlimited versions of both sets, it confirmed that cold foils would not appear in them; cards that had been cold foils in the first runs were printed as rainbow foils instead. That decision permanently fixed the supply of these early cold foils.

Rarity sits on top of the finish. Each set has a ladder running from Common through Rare, Super Rare and Majestic to Legendary and a single Fabled card, the game's ultimate chase. From Uprising in 2022 the publisher added the Marvel rarity, which delivers alternate, extended-art versions of existing cards, many of them in cold foil. A cold foil Fabled or Legendary from an early first edition therefore combines the rarest finish, the rarest slot and the smallest print run.

Adult collectors value these cards for reasons that go beyond play. The game was designed by former professional Magic player James White and has a well-funded competitive circuit, so demand from players underpins the market. Early growth was dramatic: ICv2 reported in November 2020 that a sealed Welcome to Rathe Alpha booster box sold for $1,499.99 on eBay, barely a year into US distribution. Strong art, limited first-edition runs and a clear rarity hierarchy keep cold foils at the centre of the hobby.

• Print run: Alpha and 1st Edition cold foils of Welcome to Rathe and Arcane Rising can never be reprinted in that finish.
• Rarity slot: Fabled and Legendary cold foils are the hardest pulls in any set.
• Competitive demand: equipment and weapons that see tournament play attract players as well as collectors.
• Condition: cold foil surfaces show scratches, curling and edge wear readily, so clean copies and high grades carry a premium.
• Marvel artwork: extended-art Marvel versions from Uprising onwards draw collectors who chase alternate art.
• Edition identification: buyers pay more when the first-edition status is clearly shown and verifiable.

• Cold foil shows metallic shine only on selected areas, such as the border and the main object in the art, while rainbow foil covers the whole card.
• On Alpha and 1st Edition WTR and ARC cards, the rarity symbol sits behind the collector code at the bottom; Unlimited prints show a coloured bubble behind the rarity letter.
• Alpha/1st Edition WTR and ARC cards carry a 2019 copyright year, whereas Unlimited prints show 2020; Unlimited also uses black borders.
• Sealed Alpha WTR displays carry an 'Alpha Print' badge and 1st Edition ARC displays a 'First Edition' badge on the back; Unlimited boxes have a red 'UNLIMITED' flag.
• Fabled cards use the collector number 000 in their set, for example WTR000 Heart of Fyendal and ARC000 Eye of Ophidia.