The Cards project is pretty interesting. I first heard about it from MapleLeaf at a private event during last year's 2049. Back then, the price was 0.3, and now, a year later, the price is still 0.3. However, the tokens are already unlocking, and the unlocking process will continue for another year. The business itself is tied to physical casinos. Users pay to draw physical cards from the vault, which correspond to NFTs. Card packs aren’t accepted. After drawing, users can return the cards to the platform at a discounted price, and the platform earns from the returns (profit margin is less than 8%). The transaction volume is roughly six times the inventory, meaning the cards are constantly being drawn and returned. Even if users keep the cards they draw, most don’t redeem them (user retention rate is 20%, accounting for only 3% of the total value). Over the course of a year, gross profit is around $100M, but so far, the token hasn’t started profit-sharing or buybacks. What’s even more intriguing is that, after analyzing the addresses, a small number of accounts contribute a significant portion of the transaction volume. Coupled with the refund mechanism, there’s a possibility this could be used as a money laundering tool. An 8% fee isn’t considered expensive in traditional industries. The tokenization of physical cards has already proven to be a viable business model in crypto, capable of generating stable cash flow. This year’s 2049 event is rumored to feature at least five new card platforms launching in the next six months. Some are focused on building a business, some are issuing tokens, and others are selling their existing cards. A new wave of competition is about to kick off~