Collector Crypt may have a catalyst the market is barely discussing. In an analysis translated by TechFlow, 0xResearch author Kunal Doshi argued that Ripmart could become the product that pushes the project beyond crypto-native users and into a broader Web2 consumer market.
His note comes as CARDS, the token tied to Collector Crypt, has underperformed Bitcoin. Bitcoin has climbed nearly 30% from its $63,000 low, while CARDS has fallen 8% over the same period. Doshi said that divergence does not mean collectible trading is over. He sees it as a rotation of capital into another hot trade.
Stock token trading pulled liquidity away from on-chain collectibles
Doshi wrote that Collector Crypt’s current user base is still largely made up of Web3-native memecoin and NFT traders. Those users are willing to spend heavily on gacha-style products, but they also move quickly when a new trade captures attention. Most recently, he said, that trade was stock token pairs gaining traction on Robinhood Chain and Solana.
According to his analysis, those trades drained capital from the on-chain collectibles segment. He pointed to the week ending Aug. 16, when net revenue hit a peak of $3 million, right before stock token volumes began to take off. As stock token activity rose, Collector Crypt’s metrics started to weaken as well. Doshi said that overlap was "absolutely not a coincidence."
He also said the pattern is now turning. After three consecutive weeks of decline, Collector Crypt’s net revenue has rebounded, and the project has posted two strong weekly performances as stock token volumes have cooled.
New gacha products target rising card-game demand
At the same time, the team has added new gacha machines to capture growing interest in Riftbound and Dragon Ball card packs. Doshi said anyone who has been to a physical card convention would have seen both games gaining momentum recently, in a move he compared to a higher-beta version of this year’s price run in Pokemon and One Piece cards.
He said he appreciated how quickly the team reacted to market trends. In recent weeks, those two categories have accounted for 8% to 16% of total revenue.
Ripmart is the overlooked variable
For Doshi, the bigger question is what could bring Collector Crypt back into focus and drive the next leg higher. His answer was Ripmart. He wrote that almost nobody on the timeline seemed to be talking about it.
Official details remain limited, but he said the clues point to a consumer-facing live shopping app similar to Whatnot. As a comparison, he noted that Whatnot has raised $545 million and reached a $20 billion valuation, which he said shows how large the live-commerce experience has already become.
In his view, Ripmart could let users buy card packs from Collector Crypt’s sealed inventory and then watch a streamer open them live. If a user hits an eligible card, that card could be sold back to the platform immediately, with the proceeds used to buy more packs. Doshi said the potential edge over Whatnot would be an embedded buyback loop that keeps spending power inside the platform and keeps the opening cycle going.
He added that the model would resemble the project’s current gacha flow, but with more entertainment value and a tighter focus on sealed inventory.
A path into the Web2 consumer market
Doshi said Pokemon pack-opening streams are already highly popular in the card community. He cited Deep Pocket Monster, which has 1.7 million followers on Instagram. He also wrote that he personally finds pack-opening content addictive, especially when someone pulls an old pack.
While the exact economic relationship between Collector Crypt and Ripmart is still unclear, he said the product could help Collector Crypt establish a deeper foothold in the Web2 consumer market and make its trading volumes less dependent on liquidity conditions in crypto.
Why Doshi still holds CARDS
Doshi said CARDS remains one of the few tokens on his long-term hold list that he is willing to own through cycles. His filter, he wrote, is to look for projects that create real value for users and change an existing process in a meaningful way.
He gave one example: a first-edition Charizard recently changed hands for $600,000 through Collector Crypt’s swap tool, without paying at least 10% in marketplace fees that would typically go to an auction house or eBay.
He also said the project has surpassed $1 billion in gross merchandise volume and $100 million in net revenue within a year, while building its own warehousing facility and integrating with numerous partners. In his view, that pace of execution is already notable, and Ripmart could open the next phase of growth for the business.
At the end of the piece, he added that Pokemon’s 30th anniversary supplemental box went on sale last week, with Pikachu artwork on every pack.