CARDS is being discussed around a fully diluted valuation of $535 million, while the operating figures for Collector Crypt (CC) show a much narrower revenue base. CC, an on-chain card blind-box platform, has generated $635 million in cumulative trading volume. However, 90.6% of that amount was immediately bought back and returned to users, leaving net revenue at only $43 million and a retention rate of 6.7%.
Revenue retention, margins and player concentration
The data also shows that CC’s profit margin has fallen from 11.2% to 5.8%, nearly cutting the margin in half. Platform activity is described as highly dependent on dozens of high-frequency players, rather than a broad user base. Secondary-market activity remains extremely low, and eBay’s share of sales has dropped sharply for six consecutive quarters.
For token value capture, CARDS captures only 3.4% of net revenue, a small share compared with the stated $43 million in net revenue. The source material also says the operating wallet has “already gone out,” without providing additional context in the supplied text. Taken together, the figures focus on FDV, net revenue, margin compression, user concentration, weak resale activity and limited token value capture at Collector Crypt.