What is the significance of Magic: The Gathering card rarity in determining the value and collectibility of cards?

The rarity of Magic: The Gathering cards plays a significant role in determining their value and collectibility. Cards that are more rare are often more sought after by collectors and players, leading to higher prices in the secondary market. This rarity system adds an element of excitement and exclusivity to the game, as players strive to obtain these coveted cards to enhance their decks and collections.