CARDS is being examined against a reported fully diluted valuation of $535 million, while the operating figures for Collector Crypt, or CC, show a much narrower revenue base than its headline trading volume suggests. The source describes CC as an on-chain card blind-box platform that has generated $635 million in cumulative trading volume. However, 90.6% of that amount was attributed to instant buybacks returned to users, leaving only $43 million in net revenue and a retention rate of 6.7%.
The platform’s profitability has also weakened. According to the figures provided, CC’s profit margin fell from 11.2% to 5.8%, effectively cutting the margin nearly in half. The source also states that the platform is highly dependent on dozens of high-frequency players, indicating that the reported transaction scale is concentrated among a limited active group rather than broadly retained across users.
Secondary-market activity was described as extremely low, while eBay sales share has dropped sharply for six consecutive quarters. Token value capture was also limited, accounting for only 3.4% of net revenue. On the operating wallet, the available source text ends with the phrase “already out” and does not provide a complete amount, destination, or further explanation.