To obtain an encapsulated material for providing a liquid composition having an excellent dispersion stability and discharge stability and an excellent conductivity and an ink composition using the encapsulated material.

The encapsulated material is obtained by coating a conductive substance having an electric charge on the surface with a wall material consisting essentially of a polymer. The polymer has at least (A) a repeating structural unit derived from (an ionic polymerizable surfactant A having an electric charge opposite to an electric charge on the surface of the conductive substance) and/or (an ionic monomer having an electric charge opposite to an electric charge on the surface of the conductive substance) and (B) a repeating structural unit derived from (an ionic polymerizable surfactant B having an electric charge identical or opposite to an electric charge on the surface of the conductive substance).