MarsBit reported under its Whale Movement category that CARDS is being discussed against a fully diluted valuation of $535 million. Collector Crypt, also referred to as CC, is described as an on-chain card blind-box platform that has produced $635 million in cumulative trading volume. However, the report states that 90.6% of that amount came from instant buybacks returned to users, leaving the platform with net revenue of only $43 million and a retention rate of 6.7%.
A large gap between volume and retained revenue
The figures presented in the report show a sharp difference between headline trading activity and actual revenue kept by the platform. Collector Crypt’s profit margin also fell from 11.2% to 5.8%, effectively being cut in half. The report further says the platform relies heavily on dozens of high-frequency players, concentrating activity among a small group of users.
Secondary-market activity was also described as extremely low. According to the same report, the share of eBay sales has plunged for six consecutive quarters. Token value capture for CARDS was described as weak as well, amounting to only 3.4% of net revenue. The original item ends by noting that an operating wallet has “already out,” without providing additional detail in the available text.