Pro
Enterprise Note: CARDS on the Table
Key Insights
- Tokenized TCG sector growth continued despite CARDS’ volatility. Volumes reached $127.3 million in the third week of September, nearly 23x higher year-over-year, even as CARDS fell 65% from its peak.
- Collector Crypt is closing the gap with Courtyard. Despite offering only Pokémon cards, it is on pace to overtake Courtyard in September volumes and posted $6.4 million in monthly revenue versus Courtyard’s $8.4 million.
- Collector Crypt is struggling to keep up with demand. Legendary pack refills sold out within hours last week, and the gacha machine was stocked for only 49 of 168 hours, suggesting current revenues may understate true demand.
- CARDS is trading at a steep discount. At a $263 million valuation and $77.4 million in annualized revenue, its 3.4x P/S ratio is the lowest among the top 10 revenue-generating tokens and well below Solana peers pump.fun (7.1x) and Jupiter (11.0x).
- Collector Crypt has the fundamentals and growth runway to establish itself as a dominant player in tokenized trading cards, with revenues that could expand meaningfully as it scales supply and product offerings.
Just a Fad, or Something More?
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AJC is a Research Manager at Messari for the Enterprise team. His primary focuses are on Bitcoin and Consumer. Prior to joining Messari, AJC wrote an independent crypto blog.
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