According to MarsBit, CARDS, linked to the on-chain card blind box platform Collector Crypt (CC), is being examined through a set of operating figures that show a sharp gap between headline trading volume and retained revenue. The reported FDV of CARDS stands at $535 million, while Collector Crypt has generated $635 million in cumulative trading volume.
The same figures show that 90.6% of that volume came from instant buybacks returned to users. As a result, the platform’s net revenue was only $43 million, with a retention rate of just 6.7%. This means the large gross transaction figure did not translate into a comparable level of retained platform income.
Profitability also weakened. The disclosed margin fell from 11.2% to 5.8%, effectively cutting it nearly in half. The report further states that Collector Crypt relies heavily on several dozen high-frequency players, indicating that a small group of active users accounts for a significant share of activity described in the data.
Secondary market activity was also described as extremely low. The share of eBay sales reportedly plunged for six consecutive quarters. Token value capture remained limited as well, accounting for only 3.4% of net revenue. The source text ends at a reference to the operating wallet, without providing the complete follow-up details for that part.