According to MarsBit, CARDS is being examined against a fully diluted valuation of $535 million, with the operating data of Collector Crypt (CC) showing a sharp gap between headline transaction volume and retained revenue. Collector Crypt is an on-chain card blind-box platform that has generated $635 million in cumulative trading volume. However, 90.6% of that amount was returned to users through instant buybacks, leaving only $43 million in net revenue and a retention rate of 6.7%.
A Wide Gap Between Volume and Profitability
On the profitability side, the platform’s margin has fallen from 11.2% to 5.8%, effectively being cut nearly in half. The report also states that the business relies heavily on dozens of high-frequency players, which adds pressure to how the platform’s trading scale should be interpreted when compared with its actual revenue quality.
Secondary-market activity is also described as extremely low. The share of sales on eBay has plunged for six consecutive quarters. Token value capture remains weak as well, accounting for only 3.4% of net revenue. Against these figures, CARDS’ valuation, Collector Crypt’s retained income, its margin decline and its user concentration are the central data points in the report.