MarsBit reported that CARDS is being examined against a fully diluted valuation of $535 million, with the underlying operating data of Collector Crypt, also referred to as CC, showing a large gap between headline transaction volume and retained revenue. Collector Crypt is described as an on-chain card mystery box platform. According to the report summary, the platform has generated $635 million in cumulative trading volume, but 90.6% of that amount was returned to users through instant buybacks.
Volume, Revenue and User Retention
After accounting for those buyback returns, Collector Crypt’s net revenue is listed at only $43 million. The same summary gives the platform’s retention rate as 6.7%, placing the revenue figure in contrast with the much larger cumulative volume. The report frames these numbers as the central issue behind the discussion of CARDS at a $535 million FDV.
The operating margin data also moved lower. MarsBit’s summary says the profit margin fell from 11.2% to 5.8%, a decline of nearly half. It also says the platform is highly dependent on dozens of high-frequency players, meaning a limited group of active users accounts for a significant portion of activity described in the report.
Secondary-market activity was also presented as weak. The summary states that eBay’s share of sales has dropped sharply for six consecutive quarters. On the token side, value capture was described as limited, accounting for only 3.4% of net revenue. The original summary also ends with a reference to the operating wallet having “already out,” but it does not provide additional complete details in the supplied text.