According to MarsBit, Collector Crypt（CC）, an on-chain card blind-box platform, is being examined in relation to the valuation of its CARDS token. The report states that CARDS carries a fully diluted valuation of $535 million, while the platform has generated $635 million in cumulative transaction volume.
A wide gap between gross volume and retained revenue
Of that $635 million in volume, 90.6% was described as instant buybacks returned to users. As a result, Collector Crypt’s net revenue was reported at only $43 million, with a retention rate of 6.7%. The report also said the platform’s profit margin has fallen from 11.2% to 5.8%, effectively being cut nearly in half, while activity is heavily dependent on dozens of high-frequency players.
Secondary-market activity was described as extremely low, and the share of eBay sales was said to have plunged for six consecutive quarters. Token value capture also appeared limited in the report, accounting for only 3.4% of net revenue. The item also mentioned that the operating wallet has “exited,” without providing further detail in the supplied text.