true

2026-08-18

This crypto-asset white paper has not been approved by any competent authority in any Member State of the European Union. The person seeking admission to trading of the crypto-asset is solely responsible for the content of this crypto-asset white paper.

This crypto-asset white paper complies with Title II of Regulation (EU) 2023/1114 of the European Parliament and of the Council and, to the best of the knowledge of the management body, the information presented in the crypto-asset white paper is fair, clear and not misleading and the crypto-asset white paper makes no omission likely to affect its import.

The crypto-asset referred to in this crypto-asset white paper may lose its value in part or in full, may not always be transferable and may not be liquid.

false

The crypto-asset referred to in this white paper is not covered by the investor compensation schemes under Directive 97/9/EC of the European Parliament and of the Council or the deposit guarantee schemes under Directive 2014/49/EU of the European Parliament and of the Council.

Warning

This summary should be read as an introduction to the crypto-asset white paper. The prospective holder should base any decision to purchase this crypto-asset on the content of the crypto-asset white paper as a whole and not on the summary alone. The offer to the public of this crypto-asset does not constitute an offer or solicitation to purchase financial instruments and any such offer or solicitation can be made only by means of a prospectus or other offer documents pursuant to the applicable national law. This crypto-asset white paper does not constitute a prospectus as referred to in Regulation (EU) 2017/1129 of the European Parliament and of the Council or any other offer document pursuant to Union or national law.

CARDS is the native token of the Collector Crypt ecosystem, deployed on the Solana blockchain as an SPL token with a fixed maximum supply of 2,000,000,000 tokens and no protocol-level inflation.
CARDS does not represent debt, equity, dividend rights, corporate voting power, or any legal claim against the issuer. The token carries no protocol-enforced staking yield or on-chain governance voting rights.
Holding CARDS may qualify users for promotional distributions, reward point tiers, or early access to product launches. The token is fully transferable across the Solana ecosystem and tradable on secondary venues.

Not applicable as CARDS is not a utility token as defined under MiCA.

This white paper has been prepared for the purposes of seeking admission to trading on multiple crypto-asset trading platforms. The Issuer seeks to ensure broad accessibility for the CARDS token by pursuing admission to trading across suitable venues.

Collector Crypt Foundation

Foundation of Private Interest

Oceania Business Plaza, 21st Floor, Punta Pacifica, City of Panama, Republic of Panama.

Oceania Business Plaza, 21st Floor, Punta Pacifica, City of Panama, Republic of Panama.

2021-10-01

9845009C75B80F7B5710

155713557

N/A.

team@gdpelaw.com

003

N/A.

1
Diana Muñoz
Panama
President

2
Omar Camargo
Panama
Secretary

3
Persis Manfred Sarmiento
Panama
Treasurer

Collector Crypt, via the CARDS token, operates a blockchain-based platform that tokenizes physical trading cards and other collectibles into RWA-backed digital tokens representing authenticated, vaulted assets. It provides secure vaulting, on-chain ownership records, and a marketplace for trading these tokenized collectibles using smart contracts to reduce fraud, fees, and settlement frictions. The project also offers digital “repack” or gacha-style products that package collectible exposure into randomized digital bundles. Its principal markets are global physical card and collectibles enthusiasts and crypto-native traders seeking transparent, efficient access to tokenized real-world collectible assets.

N/A.

true

Operating Performance and Financial Development

Financial growth has expanded rapidly due to the introduction of the platform's stablecoin-denominated digital repack system ("Gacha Machine"), which scales protocol fees in parallel with user engagement. By the close of 2025, the platform achieved initial commercial viability, expanding drastically in the first half of 2026. Cumulative protocol revenue surpassed $50 million by June 2026, driven by an accelerating quarterly growth path where second-quarter fee generation more than doubled (+108.8%) compared to the first quarter of 2026. Weekly net operating profits during peak utilization periods have established a baseline between $1.5 million and $2.3 million, confirming consistent cash-flow generation independent of broader token market volatility.

Analysis of Financial and Non-Financial Key Performance Indicators (KPIs)

The protocol assesses its operational stability, market capture, and financial health using a structured set of financial and non-financial metrics:

• Financial Metrics:
  • Cumulative Protocol Revenue: Exceeded $50 million as of mid-2026.
  • All-Time On-Chain Trading Volume: Crossed $1 billion in total transacted network volume within 18 months of launching its core gamified mechanics.
  • Direct Pack Sales Volume: Generated over $85 million in direct stablecoin inflows via the unboxing engine.
  • Vaulted Inventory Value (AUM): Manages an authenticated, physical asset treasury valued at over $35 million across secure, insured warehouse facilities.
• Non-Financial Metrics:
  • Product Engagement: Over 4.5 million cumulative digital packs have been programmatically assembled and opened by network users.
  • Physical Redemption Rate: Approximately 30% of all on-chain digital twin tokens (NFTs) have been permanently burned by users to claim physical delivery of underlying assets, demonstrating a resilient link to physical-world utility rather than purely speculative digital retention.
  • Active Transacting Base: Maintained a growing footprint of over 22,000 active on-chain interaction wallets, expanding its structural reach through direct client-layer integrations with major ecosystem wallets.

Capital Resources and Token Market Metrics

The protocol's capital structure and liquid runway are supported by its ongoing operational revenues and the baseline capitalization of its native ecosystem utility asset, CARDS. The asset maintains an active circulating supply of approximately 260 million to 399 million tokens, representing a liquid market capitalization fluctuating between $66 million and $91 million based on mid-2026 market prices ranging from $0.25 to $0.33.

The protocol’s structural liquidity is further protected by a native, revenue-driven buyback mechanism: a dedicated portion of ongoing marketplace transaction fees (4% secondary trading fee) and gacha margins is programmatically routed to open-market asset purchases, keeping available corporate capital resources directly linked to real-time platform throughput.

N/A.

false

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

N/A.

Collector Crypt

Collector Crypt

CARDS

Project Description: Collector Crypt is a real-world asset (RWA) platform that bridges physical collectibles into the Web3 ecosystem, allowing users to purchase, securely vault, and trade tokenized collectible cards, primarily focusing on Pokémon, Sports, and One Piece cards. The platform creates a virtual representation of each physical asset on the blockchain in the form of a Non-Fungible Token (NFT), acting as a 1:1 asset-backed digital twin of the underlying physical item stored in dedicated secure warehouses. The network operates at scale, managing a physical vaulted inventory valued at over $35 million and processing over 4.5 million digital pack openings to date.

Purpose and Goals: Collector Crypt aims to modernize physical collectibles by tokenizing them on-chain as RWA-backed tokens representing authenticated ownership of vaulted items. It seeks to eliminate fraud, reduce entry friction, lower high intermediary fees, and enable fast, transparent trading and settlement for a global collector community. By combining secure asset preservation with digital-native ownership, the protocol establishes an efficient trust layer where physical collectible demand directly drives on-chain network activity and capital efficiency.

Key Features and Operation: * 1:1 Tokenization and Vaulting: Physical cards are vaulted, authenticated, and securely stored in dedicated repositories, with blockchain tokens (NFTs) issued to represent absolute, 1:1 asset-backed ownership of the underlying items.

• Physical Asset Redemption: Trading occurs via RWA-backed tokens, allowing users to buy, sell, and settle collectible exposure digitally while the physical assets remain securely stored. However, an NFT holder retains the unilateral legal right to claim the physical card at any time; signing an on-chain transaction permanently burns the NFT, triggering the release and shipment of the physical item directly to their address.
• Gamified Digital Openings ("Gacha Machine"): The platform offers an operational focus on gamified collectible experiences through its "Gacha Machine" and "Grail Machine" features. These digital repack mechanics allow users to open randomized digital card packs using stablecoins, where the resulting NFTs map directly to real, vaulted physical inventory.
• Liquid Secondary Marketplace & Instant Buybacks: Smart contracts are used to run a decentralized peer-to-peer marketplace that minimizes fraud risk and lowers transaction costs compared to traditional web2 platforms. To guarantee baseline liquidity, the protocol operates an automated buyback system allowing users to instantly liquidate unwanted pulled cards back to the protocol.

1
Development team, Diana Muñoz

2
Development team, Omar Camargo

3
Development team, Persis Manfred Sarmiento

false

N/A.

Achievements & Token Role (CARDS)

The platform has defined a fixed-cap, non-inflationary 2,000,000,000 CARDS token to serve within its network ecosystem. CARDS currently carries no direct network utility, value accrual buybacks, or governance voting powers. Holding the CARDS token acts primarily as an ecosystem alignment tool that may qualify users for programmatic platform airdrops (either distributing additional tokens or access points), enabling ongoing promotional access to products across the RWA platform.

To ensure ecosystem transparency, the absolute token allocation, genesis distribution, and binding vesting structures are established across the following categories, tied to the network's launch parameters:

Foundation

• Allocation: 744,590,000 CARDS (37.23% of total supply)
• Purpose: Long-term platform reserve held under discretionary deployment.
• Vesting & Release: Fixed long-term treasury allocation.
• Smart Contract Enforced: Yes / No

Community

• Allocation: 305,000,000 CARDS (15.25% of total supply)
• Purpose: Dedicated to ongoing user incentives, airdrops, and point allocations.
• Vesting & Release: Maintained for multi-period community incentive distribution.
• Smart Contract Enforced: Yes / No

Team

• Allocation: 390,000,000 CARDS (19.50% of total supply)
• Purpose: Rewarding core project contributors and aligning team retention incentives.
• Vesting & Release: Subject to a strict cliff ending in August 2026, followed by a 12-month linear monthly vesting schedule.
• Smart Contract Enforced: Yes

Advisors

• Allocation: 87,400,000 CARDS (4.37% of total supply)
• Purpose: Allocated to professional advisors contributing strategic and industrial guidance.
• Vesting & Release: Subject to a strict cliff ending in August 2026, followed by a 12-month linear monthly vesting schedule.
• Smart Contract Enforced: Yes

Pre-seed

• Allocation: 62,210,000 CARDS (3.11% of total supply)
• Purpose: Allocated to early equity backing and operational setup financing.
• Vesting & Release: Subject to a 5-month linear distribution schedule concluding in August 2026.
• Smart Contract Enforced: Yes

Seed

• Allocation: 73,400,000 CARDS (3.67% of total supply)
• Purpose: Allocated to private financial seed-round token participants.
• Vesting & Release: Subject to a strict cliff ending in August 2026, followed by a 12-month linear monthly vesting schedule.
• Smart Contract Enforced: Yes

Liquidity Pool

• Allocation: 12,130,000 CARDS (0.61% of total supply)
• Purpose: Deployed for initial market-making depth and exchange pairing pairs.
• Vesting & Release: Fully unlocked at initial listing to establish baseline market depth.
• Smart Contract Enforced: Yes

Total Supply Summary: The Total Supply at Genesis is 2,000,000,000 CARDS, representing a hard-capped maximum supply with no programmatic inflation mechanism. The initial circulating tradeable float stands at exactly 16.26% of the total supply (representing 325,270,000 CARDS). Core team, advisor, and private seed tranches remain locked until the conclusion of the August 2026 milestone cliff.

Future Milestones (Indicative, subject to update):

Starting Phase (Product Validation) – Achieved (2024–2025)

Successfully launched the core Solana network real-world asset (RWA) infrastructure. Established secure, audited physical warehouse nodes managing an initial physical collectible base. Released the stablecoin-denominated digital repack unboxing pipeline ("Gacha Machine" & "Grail Machine"), achieving more than 4.5 million cumulative pack openings and confirming consistent digital demand for physical collectible execution loops.

Expansion Phase (Ecosystem Scaling) – Current (Mid-2026)

Scale secondary transaction operations to expand trading volume past the $1 billion all-time on-chain milestone. Expand physical vault infrastructure to support over $35 million in physical assets under management across primary asset hubs. Execute seasonal network drop sequences, processing quarterly allocations (such as the June 2026 airdrop) to reward long-term token holdings and platform engagement points.

Autonomous Phase (Category Maturity) – Target timing: Late 2026+

Transition private vesting tranches (Team, Advisor, Seed blocks) into linear unlock schedules following the August 2026 cliff milestone. Diversify physical asset categories beyond current core concentrations (Pokémon, One Piece, and Sports cards) into institutional collectibles markets. Scale integration layers across decentralized applications to maintain continuous physical card redemption capabilities.

• Financial resources / funding raised
  • Financed its early operational deployment through dedicated private backing, including a Pre-Seed round ($62.21M CARDS allocated) and a Seed financing round ($73.4M CARDS allocated).
  • Generated strong alternative cash-flow runways through product-driven commercial operations;
  • Accumulation of gross protocol revenues has surpassed $50 million, providing a stable, self-sustaining financial framework for long-term project operations independent of speculative capital raises.
• Human resources / team
  • Core team, engineering, logistics, and advisory teams are fully staffed and distributed across protocol operations, specialized collectible authentication, and asset vault management.
  • Supported by professional technical contributors managing the Solana-based smart contract architecture, alongside an international network of distribution, sourcing, and logistics providers.
  • Team and Advisor tranches are structurally locked until August 2026 under a 12-month linear vesting schedule to ensure complete operational alignment.
• Technological resources / technology developed
  • 1:1 Tokenization Architecture: A fully production-ready blockchain infrastructure running on the Solana network that acts as a 1:1 asset-backed digital twin matching physical inventory to Non-Fungible Tokens (NFTs).
  • Gamified Distribution Engines: Live deployment of the "Gacha Machine" and "Grail Machine" platforms, which have programmatically assembled and processed over 4.5 million randomized digital card pack openings.
  • Liquid Marketplace Framework: Operational peer-to-peer (P2P) decentralized secondary marketplace featuring optimized transaction mechanics alongside an automated platform buyback engine maintaining instant asset liquidation.
  • Automated Redemption Pipeline: An interactive on-chain workflow that allows users to permanently burn their digital tokens to clear automated delivery and fulfillment rules.
  • Physical Infrastructure Core: Complete establishment of secure, climate-controlled, and audited vault storage repositories currently protecting over $35 million worth of real-world collectible inventory (primarily focusing on Pokémon, One Piece, and Sports cards).

N/A.

ATTR

Enable EU market access for CARDS holders.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

2,000,000,000

All.

There are no restrictions.

There are no reimbursement rights.

There is no refund mechanism.

There is no refund mechanism.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Fiat or other crypto-assets.

There are no reimbursement rights.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Via crypto-asset trading platforms on which CARDS is admitted to trading.

There is no relevant time schedule.

There are no technical requirements.

Not applicable.

Not applicable.

NTAV

Collector Crypt Foundation is seeking admission to trading for the CARDS token across multiple trading platforms, including Payward Global Solutions Limited.

PGSL

Online via the platform.

N/A.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

The issuer is not aware of any potential conflict of interest of the persons involved in its admission to trading.

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Panama

The Token is a crypto-asset under Regulation (EU) 2023/1114 of the European Parliament and of the Council which is not an e-money token, an asset-referenced token or a utility token, each as defined under such Regulation. Therefore, it falls in the "Other" category.

Intrinsic Token Benefits (Arising directly from holding the token)

• Ecosystem Alignment & Future Promotion Rights: Holding the native asset acts as an organizational credential within the ecosystem. While the token does not possess built-in platform execution powers, holding balances may qualify users for programmatic promotional distributions, structured reward point tiers, or exclusive access to early product launches.
• No Direct Utility or Governance Rights: The token carries no default utility properties inside the protocol architecture and does not confer any active voting, veto, or proposal submission rights over core platform upgrades, parameters, or technical integrations.
• No Equity or Cash-Flow Rights: The token does not grant any equity, debt, dividend, or direct ownership rights in any corporate entity or protocol foundation. It represents no legal claim on any pool of assets, revenue distribution mechanisms, or physical vault inventories.

Functions Requiring Additional Action (Extrinsically tied to active network participation)

• Airdrop and Loyalty Point Qualifications: Users can voluntarily choose to hold their tokens across multi-period promotional snapshots. Taking these specific alignment actions can earn the user active entry points, platform multi-pliers, or direct airdrops of additional ecosystem rewards, allowing users to interact with gamified products on the platform.
• Separation from Platform Transaction Rails: All primary platform operations—including purchasing digital repacks via the "Gacha Machine", peer-to-peer trading settlements on the secondary marketplace, shipping fees, and automated platform buybacks —are executed explicitly using independent stablecoins ($USDC). The native asset is not utilized as a standard payment tool or direct settlement layer for these physical-backed processes.

The CARDS token is fully deployed and live on the Solana network. In strict accordance with the project's design parameters and operational framework as of mid-2026, no future token functionalities, including native utility properties, network-level governance voting rights, programmatic token inflation, or additional smart contract utility extensions, are scheduled or planned to apply.

OTHR

NEWT

CARDS is a fungible token adhering to the Solana Token Program (SPL standard) with a fixed maximum supply of 2,000,000,000 tokens and no programmed protocol-level inflation. From a structural compliance posture under MiCA, the token functions as a utility asset designed to facilitate liquidity, transactional throughput, and ecosystem engagement within a decentralized platform for tokenized real-world assets (RWAs)—specifically, physical collectible trading cards. The asset does not convey legal ownership of the underlying vaulted collectibles, nor does it carry dividend rights, corporate voting power, or direct legal claims against the issuer.

• Transferability & Infrastructure Integration: The asset features full interoperability across the Solana ecosystem, enabling seamless transfer, receipt, and standard secondary market trading on external venues (e.g., decentralized exchanges and automated market makers). It functions without protocol-enforced native staking yields, on-chain governance voting, or automated fee-routing layers embedded directly in the token contract itself.

Collector Crypt

https://collectorcrypt.com/

2026-09-16

2026-09-16

Nothing other than already stated in the white paper.

English

11SVTLJ89

7BZ73621B

false

true

true

Ireland

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

Ownership/economic rights: CARDS does not confer documented ownership, profit share, redemption rights, or other economic claims over the issuer’s assets or revenues; the whitepaper specifies no projected revenue model, fee structure, or value accrual mechanisms for the token. Access/utility: The token is described as having no utility. Voting/governance: The token does not provide governance rights; the documentation explicitly notes “no governance.” Holder obligations: No specific ongoing obligations, lock-ups (beyond vesting for certain allocations), or ancillary duties are described for token holders in the referenced documentation.

Assumption and scope

Available project documentation states that the CARDS token currently has no native utility and no governance features. As a result, there are no enforceable token‑holder “rights” to exercise in relation to a marketplace, staking, endorsements, or governance. However, holding the token acts as an ecosystem alignment tool that may qualify the user for promotional platform airdrops or product access points.

1) Marketplace rights

The CARDS token is not documented as conferring any specific marketplace access, fee discounts, or other marketplace-related rights, as all primary platform transactions (such as secondary trading and unboxing packs) are executed via external stablecoins ($USDC). A numbered procedure cannot be provided because no marketplace rights or direct utility mechanisms are described in the official materials.

2) Staking rights

Project documentation explicitly indicates no built-in token utility, and there is no description of any native staking program, yield layer, or staking-derived benefits for CARDS holders within the smart contract suite. Numbered staking procedures cannot be provided because no staking mechanism or cryptographic lockup process is defined for the asset.

3) Endorsement or reputation rights

There is no description of endorsement, reputation, structural points, or similar verification rights being attached to holding CARDS tokens within the real-world asset platform. Accordingly, there is no step‑by‑step process that can be outlined for exercising endorsement-related or platform reputation rights.

4) Governance rights and voting

The documentation states explicitly that there is no governance, veto power, or proposal submission capability associated with the CARDS token. Because token-based governance does not exist as described, there are no steps for proposing changes, voting, or participating in on‑chain or off‑chain governance using CARDS balances.

5) KYC / AML and access to services

The same documentation notes that compliance and governance sections cover AML/KYC procedures at the project level, but it does not link any specific KYC/AML “rights” or processes to mere token holding (for example, it does not say that holding CARDS entitles a user to a particular onboarding path or service level).

Summary

Based on current official materials, CARDS is documented as a token with no defined utility and no governance, and there are therefore no documented, token-based procedures for marketplace use, staking, endorsements, governance participation, or KYC/AML rights that can be enumerated.

There are no relevant conditions.

There are no future offers planned.

744,590,000

false

Not applicable as CARDS is not a utility token.

Not applicable as CARDS is not a utility token.

true

Not applicable. This whitepaper is published solely in relation to the admission to trading of the CARDS token and does not relate to any public offering.

Lock-ups / vesting

• Team, advisor, pre-seed, and seed allocations are subject to lock-ups and linear vesting (e.g., team and advisors: cliff until Aug 2026 then 12‑month linear vesting; seed: cliff until Aug 2026 then 12‑month linear; pre‑seed: 5‑month linear until Aug 2026, meaning those allocated tokens are not freely transferable until vested.

Geographic restrictions

• Claim terms for CARDS define “Prohibited Jurisdictions” and state that ownership of CARDS Tokens is prohibited where restricted by applicable law, including U.S. persons and persons in certain countries such as the People’s Republic of China and Russia.

Blacklist / discretionary restrictions

• The company reserves the right, in its sole discretion, to block, burn, or otherwise restrict access to any Collector Crypt NFT if it reasonably believes the NFT was obtained fraudulently, in breach of the terms, or involves counterfeit/stolen property, which can limit transferability of those NFTs between users.

Fees affecting transfers

• Card withdrawal (redeeming the physical card and burning the NFT) incurs withdrawal and shipping/handling/customs fees, but this relates to redemption rather than peer‑to‑peer token/NFT transfers.

Other transfer restrictions

• Aside from the vesting/lock-up schedules above, the geographic eligibility rules, and the discretionary right to block or burn NFTs obtained through fraud or other breaches, no additional project‑specific restrictions (such as fixed on‑chain transfer fees, mandatory whitelists, or general blacklists for CARDS token transfers between users) were identified in the available documentation.

false

There are no supply adjustment protocols.

false

There is no protection scheme available.

false

There are no compensation schemes.

Panama

Panama

CARDS uses public blockchain technology to turn physical collectible cards into digital tokens that can be tracked and traded online. Transactions and ownership changes are processed by a distributed network of nodes rather than a single company, so no single party controls the ledger. Security comes from cryptographic signatures: only the holder of a private key can move tokens, and trades are executed by smart contracts that automatically follow predefined rules. Once a transaction is confirmed on the chain, it becomes effectively immutable, meaning past ownership records cannot be quietly altered. All token movements and contract interactions are recorded on-chain, giving anyone transparent, real-time visibility into how CARDS are issued, held, and traded.

Settlement layer / base chain

• Built natively on Solana L1; all core activity (Gacha packs, marketplace, NFT ownership) runs on Solana, chosen for high throughput and low fees.
• CARDS token contract is on Solana (CARDS…dKxYjp), with Solana listed as the only chain.

Fungible token standard (CARDS)

• CARDS is implemented as a standard Solana SPL fungible token on Solana, making it interoperable with Solana wallets, DEXs, and tooling that support SPL tokens.

NFT / RWA tokenization layer

• Physical, graded cards stored in third‑party vaults are represented 1:1 as NFTs on Solana, used for ownership, trading, and redemption.
• These card NFTs can be traded both on Collector Crypt and “across compatible Solana marketplaces,” implying use of the standard Solana NFT infrastructure/metadata so they remain interoperable with the broader Solana NFT ecosystem.

Application protocols / mechanics

• “Gacha” machine: a smart‑contract–driven, on‑chain pack-opening mechanism where pre‑minted NFTs (tokenized cards) are randomly distributed to buyers, leveraging Solana’s throughput to keep UX real‑time.
• NFT marketplace built on Solana: users can buy/sell these card NFTs within Collector Crypt and on external Solana NFT venues, reinforcing cross‑market interoperability.

Not observed / no evidence found

• No evidence of Ethereum/ERC standards (e.g., ERC‑20/721), EVM L2s (OP Stack, Arbitrum, etc.), or cross‑chain bridges in current public materials.
• No explicit public documentation found specifying particular wallet SDKs or client libraries beyond standard Solana wallet connectivity exposed in the web app UI.

CARDS is issued as a standard fungible token on the Solana blockchain and is tracked via the Solscan explorer, implying it uses Solana’s native account and key model rather than a proprietary wallet stack. Holders therefore store and manage CARDS in any non‑custodial or custodial Solana‑compatible wallet that controls a standard Solana keypair, with private keys generated and stored according to the chosen wallet’s implementation (for example, seed‑phrase based software or hardware wallets). On‑chain transfers of CARDS use Solana transactions signed by the holder’s private key, and settlement and replay protection are provided by Solana’s consensus and runtime rather than any custom CARDS transfer logic. As of June 2026, no dedicated documentation was found describing bespoke custody flows, institutional key storage, or multisig arrangements for CARDS beyond whatever solutions are provided by users’ own wallets or third‑party exchanges.

CARDS is an SPL token on the Solana blockchain, so it inherits Solana’s consensus: a Proof‑of‑Stake (PoS) system combined with Tower BFT (a Practical Byzantine Fault Tolerance variant) that uses Proof of History (PoH) as a global cryptographic clock.

Security comes from SOL being staked by validators, whose voting power and rewards are stake‑weighted, with Tower BFT providing BFT-style safety (tolerance to a fraction of faulty/Byzantine nodes) and “lockouts” that make it very costly to revert finalized blocks, helping prevent double‑spends and long reorgs. Efficiency comes from PoH ordering transactions before consensus, which reduces validator communication overhead and latency, enabling high throughput and fast finality; CARDS transactions are therefore settled with the same high-speed, low-fee properties and security assumptions as other Solana tokens.

Transaction Security and Consensus Incentive Mechanisms

Collector Crypt does not maintain a native, standalone consensus network or operate independent validator nodes to secure its transaction ledger. Security, transaction finality, and cryptographic immutability are entirely inherited from the underlying blockchain infrastructure:

• Underlying Network Security: All transactions—including the minting of asset-backed Non-Fungible Tokens (NFTs), token burning, transfers of ownership, and automated protocol executions—are validated and secured by the Solana network.
• Network-Level Incentives: Transactions are processed by Solana's decentralized validator network using its hybrid Proof-of-Stake (PoS) and Proof-of-History (PoH) consensus mechanisms.
• Native Validator Rewards: Transaction validation incentives are processed exclusively at the base ledger layer via standard Solana network gas fees. No protocol-level inflation, validation rewards, or block emission incentives are generated by or distributed via the CARDS token.

Applicable Protocol and Operational Fees

All commercial activities within the ecosystem are subject to explicit structural fees. These operational fees are denominated in external stablecoins ($USDC) or native gas tokens to cover platform overhead, physical verification, and secure storage management:

• Secondary Marketplace Trading Fee: The protocol levies a standard 2% to 4% transaction fee on all peer-to-peer secondary market sales conducted on its native platform, significantly reducing the 10% to 15% intermediary friction seen on traditional web2 platforms like eBay.
• Gacha Pack Primary Margins: Fees are integrated natively into the purchase price of randomized digital repack openings via the "Gacha Machine" and "Grail Machine" platforms, serving as the primary revenue generator for the protocol.
• Physical Asset Redemption Fee: When a user elects to permanently burn an NFT to withdraw the underlying physical Pokémon, One Piece, or sports card from the fulfillment facilities, a 2% vault withdrawal fee (calculated against the asset's insured book value) is applied alongside standard shipping and handling costs.
• Vault Storage and Asset Insurance: The protocol levies a 0% ongoing fee for vault maintenance. There are no recurring annual, monthly, or storage upkeep fees charged to token holders while the physical cards remain secured within the partner repository networks.
• Automated "Sniper" Bidding Fee: The platform charges a flat 1% success fee through its automated bidding tool. This fee is processed only upon the successful acquisition, vaulting, and tokenization of a targeted external collectible asset. Unsuccessful bids incur zero protocol fees.

false

N/A.

false

N/A.

Market and Liquidity Risks

• Volatility and History: CARDS may be highly volatile. Asset prices can fluctuate sharply due to its limited trading history, speculative market activity, and shifts in broader crypto-asset market sentiment.
• Liquidity and Slippage: On-chain liquidity and order book depth across trading venues may be thin. This makes it difficult or costly for participants to enter or exit significant positions without causing material adverse price slippage.
• Venue Dependence: Reliance on a restricted number of centralized trading venues or decentralized liquidity pools increases the risk of operational disruption, sudden delisting, or impaired price discovery.

Legal, Regulatory, and Compliance Risks

• Regulatory Uncertainty: The legal and regulatory treatment of RWA-linked ecosystem tokens remains fluid across global jurisdictions. Changes in regulatory interpretations may directly affect the legality of holding, trading, or admitting CARDS to trading platforms.
• Compliance Cost Overheads: Evolving regimes (such as the EU MiCA Regulation) impose rigorous disclosure, authorization, and operational conduct requirements. Compliance failures or shifting regulatory standards could restrict availability or result in substantial legal overheads for the project ecosystem.
• Sanctions and Gating Enforcement: Technical application-layer enforcement of geographic restrictions—including the strict exclusion of US residents and OFAC-sanctioned regions—means that users who fail automated screening or ongoing transaction monitoring will face immediate access restrictions.
• Illicit Activity Exposure: Misuse of the asset or platform by malicious third parties for illicit purposes could trigger severe regulatory scrutiny, forensic chain audits, or de-risking actions by external infrastructure service providers, negatively impacting legitimate token holders.

Technical, Platform, and Operational Risks

• Smart Contract Vulnerabilities: The token ecosystem relies entirely on the security and execution of smart contracts deployed on the Solana network. Coding bugs, protocol exploits, or network-level congestion could result in irreversible token losses or prolonged service interruptions.
• Self-Directed Custody: Possession of CARDS is typically managed via non-custodial cryptographic wallets. The loss, theft, or compromise of private keys or operational seed phrases results in an absolute and permanent loss of the user's digital assets.
• Infrastructure Dependencies: Operational continuity is dependent on third-party infrastructure components, including RPC providers, decentralized exchanges, and data oracles. Failures in these external layers act as operational single points of failure that can disrupt transfers or price tracking.

Tokenomics, Vesting, and Dilution Risks

• Concentrated Stakeholder Allocation: CARDS features a fixed maximum supply of 2,000,000,000 tokens, where a significant majority is concentrated among early stakeholders and project reserves (Foundation 37.23%, Team 19.50%, Advisors 4.37%, Pre-seed 3.11%, and Seed 3.67%).
• August 2026 Cliff Overhang: Team, Advisor, and Seed allocations are subject to an upcoming lockup cliff concluding in August 2026, followed by a 12-month linear monthly vesting schedule. These recurring unlock events will substantially increase the active circulating supply and may exert prolonged downward pressure on the market price.
• Low Initial Float: As of June 2026, only 16.26% (325.27M CARDS) of the total supply is in active circulation. This low circulating float amplifies token dilution risks, supply overhang, and structural sell-off risks for public participants when locked tranches begin to vest.
• Absence of Direct Token Utility: The CARDS token has no stated network utility, programmatic buyback mechanics linked to its own contract, or on-chain governance functions. Token value is entirely speculative and decoupled from the underlying platform's commercial performance, secondary marketplace fees, or real-world asset (RWA) vault operations.

Specialized Real-World Asset (RWA) and Product Risks

• Decoupling from Platform Revenue: Although the platform has generated over $50 million in cumulative revenue and manages a physical inventory vault valued at over $35 million, these assets back the 1:1 tokenized physical cards (NFTs) and the Gacha unboxing infrastructure, not the CARDS token. Public participants face the risk that the platform flourishes operationally while the CARDS token loses or fails to retain market value.
• Physical Asset Vault Dependencies: The underlying platform relies on the continuous insurance, physical security, and climate-controlled maintenance of dedicated warehouse facilities holding physical Pokémon, One Piece, and Sports cards. Any physical destruction, catastrophic loss, or regulatory closure of these facilities could cause systemic contagion across the broader platform ecosystem.

Governance and Centralization Risks

• Insider Decision Dominance: Ownership and control of locked token allocations remain highly centralized within the Foundation and early insiders. This allows a small group of stakeholders to make coordinated operational decisions that can materially impact the ecosystem without the consent or input of public token holders.
• Lack of Voice: Because CARDS does not confer on-chain governance or voting rights, public holders possess no mechanism to influence strategic roadmaps, corporate treasury expenditures, or ecosystem point distributions.
• Conflicts of Interest: Governing bodies and foundation committees are subject to structural conflicts of interest, specifically regarding the prioritization of long-term physical vault sustainability, regulatory compliance mandates, and insider incentives over the secondary market price of public token holdings.

N/A.

Market & Liquidity Risks

• CARDS is a small-cap token with potentially thin order books; prices may be highly volatile and susceptible to slippage, spread widening, and market manipulation.
• Liquidity may concentrate on a few venues and pairs; delistings, market-maker withdrawals, or venue outages could materially impair exitability.

Legal & Regulatory Risks

• Tokenizing real-world collectible cards and operating vaulting/“digital repack” services can attract securities, investment, or consumer-protection scrutiny, especially around how economic rights are structured and marketed.
• Divergent treatment of RWAs and crypto-assets across jurisdictions (e.g., MiCA in EU, evolving US and other regimes) creates uncertainty on licensing, disclosures, and cross-border offer rules; changes could restrict access or require restructuring of services.

AML & Privacy Risks

• High-value physical collectibles and secondary trading can be attractive for money-laundering;
• Users may have limited transparency into what personal and transactional data the platform and trading venues collect, how long it is retained, and under which jurisdiction’s data-protection rules it is processed.

Technical & Security Risks

• CARDS is a Solana token and is exposed to Solana network outages, congestion, or consensus failures that could delay or disrupt transfers and settlement.
• Smart contract bugs in the token, marketplace, vaulting logic, or gacha/repack mechanisms, as well as wallet compromises, key mismanagement, or oracle/infrastructure failures, could lead to partial or total loss of tokens or misallocation of underlying cards.
• Physical custody/vaulting introduces additional operational and security risk (theft, mislabeling, loss or damage of cards), and on-chain balances may not be fully matched by off-chain inventory if controls fail.

Governance Risks

• If protocol or platform governance is concentrated (e.g., in the founding team, multisig, or a small group of large holders), decisions on fees, token economics, or redemption policies may not align with minority token-holders’ interests.
• Changes to rules for vaulting, repacks, or redemption, as well as to fee structures, can be implemented with limited recourse for users if there is no robust, transparent on-chain governance or clear dispute resolution framework.

Listings & Counterparty Risks

• Dependence on a small number of centralized or decentralized venues for liquidity introduces counterparty and operational risk (hacks, insolvency, frozen withdrawals, compliance-driven delistings).
• If CARDS is treated as higher-risk by venues or regulators, trading pairs could be restricted or removed, impairing price discovery, liquidity, and the ability to enter or exit positions.

Technical risks

• Smart contracts and program logic on Solana may contain undiscovered bugs or vulnerabilities; there is no confirmed audit or penetration testing yet, increasing risk of loss or malfunction.
• Reliance on Solana as the base chain exposes the project to Solana network outages, congestion, or protocol-level issues that could disrupt transfers and trading.

Operational / resource risks

• Delivery of milestones may be delayed if the team cannot secure sufficient engineering and security resources to complete development and audits.
• Vesting schedules for team and advisors concentrate a large portion of tokens in a relatively small group, creating execution risk if key personnel leave or underperform.

Third-party dependency risks

• Dependence on Solana infrastructure (RPC providers, explorers, DEXs) and centralized off-chain services (custodians, listing venues, data providers) means outages or policy changes at those providers could impair trading or access.

Market / liquidity risks

• Liquidity is limited (only 0.61% of supply allocated to the liquidity pool as of 1 June 2026), increasing the risk of price slippage, volatility, and difficulty entering or exiting positions.
• A large portion of the 2,000M total supply is locked in foundation, team, and investor allocations; when vesting cliffs end (notably from August 2026), unlocks could create significant sell pressure and market instability.

Legal / compliance risks

• The token has “no utility” and “no governance,” which may increase the risk that regulators classify it as a purely speculative asset or investment-type instrument, triggering stricter regulatory or disclosure obligations.
• Evolving MiCA and other regional regimes may impose new requirements on disclosures, whitepaper content, or distribution that could delay or limit expansion if not met.

Governance / tokenomics risks

• Token ownership is highly concentrated: the foundation (37.23%), team (19.50%), and investors (pre-seed and seed totalling 6.78%) collectively control a majority of supply, creating centralization risk and potential misalignment with community interests.
• With no governance utility or clearly defined value-accrual mechanisms (no inflation, no fees, no burns or buybacks), long-term incentives for holders and contributors may be weak, increasing the risk of low engagement or governance apathy if a governance layer is later introduced.

Smart Contract and Program Execution Risks

• Solana Program Model Vulnerabilities: CARDS is deployed as a standard Solana SPL token. It inherently inherits Solana’s runtime execution risks, including specific program account structures and vulnerability to zero-cost serialization bugs.
• Lack of Smart Contract Specification: There is no publicly referenced, CARDS-specific smart contract technical specification or public repository documentation available. Because implementation details, explicit multisig parameters, and upgradability controls remain non-transparent, participants cannot programmatically verify code integrity or deployment logic.

Physical and Digital Real-World Asset (RWA) Synchronization Risks

• Infrastructure Layer Decoupling: The platform relies on absolute technical synchronicity between on-chain Non-Fungible Tokens (NFTs) and physical collectibles stored across dedicated warehouses. Any data latency, database desynchronization, or failures in the application layer's tracking software can break the 1:1 asset-backed twin mapping, disrupting user redemptions and trading data.
• Redemption Loop Failure: The automated redemption pipeline requires a precise cryptographic sequence where a user signs an on-chain transaction to permanently burn an NFT, which must then trigger automated physical delivery logs. Technical bugs within this programmatic bridge could stall delivery execution while irreversibly destroying the digital twin asset.

Scalability, Performance, and Base-Ledger Dependencies

• Solana Network Outages and Congestion: While utilizing a high-throughput network mitigates basic scalability constraints, it exposes holders to severe Solana-specific performance risks. Historical network congestion events, consensus stalls, fee-market spikes, or unexpected L1 outages can degrade transaction finality, directly halting secondary marketplace peer-to-peer trades and gamified pack openings.
• Oracles and Infrastructure Single Points of Failure: The protocol relies heavily on third-party data oracles and infrastructure interfaces (such as Solscan and indexer APIs) to track real-time asset market values, process instant platform buybacks, and monitor token holdings. Prolonged failures, API censorship, or stale data feeds from these external providers will completely impair platform operations.

Cross-Chain and Bridging Vulnerabilities

• Perimeter Custodial Risks: Available official materials link exclusively to a native Solana token address and do not outline any official cross-chain bridges or deployments. Any third-party wrap-around solutions, liquidity wrappers, or external bridges used by token holders to export CARDS to other networks introduce acute contract flaws and systemic custodial risks entirely outside the project's documented perimeter.

Wallet Management and Privacy Weaknesses

• Key Compromise and Phishing: As an SPL token, CARDS is held via standard non-custodial Solana wallets. Users assume absolute responsibility for key management; sophisticated phishing vectors, drainage scripts, or compromised seed phrases result in unrecoverable token asset loss.
• On-Chain Privacy and Metadata Linkage: Because transactions on the ledger are fully public, the permanent tracking of asset-backed tokens combined with real-world warehouse logistics data presents structural privacy concerns. Advanced chain-analysis tools could potentially cross-reference wallet histories with external shipping, physical handling logs, or public collection data, linking real-world identities to specific on-chain crypto-asset portfolios.

Audit and Security Testing Limitations

• Absence of Documented Security Audits: Formal third-party smart contract audit reports and penetration testing results for the platform architecture are either outstanding or have not been centrally verified and documented. Operating without public, rigorous cryptographic audits drastically increases the threat of latent, undetected exploits within the codebase governing the platform's multi-million dollar gacha and vault mechanics.

Mitigation of Smart Contract and Program Execution Risks

• Adherence to the Solana SPL Standard: By utilizing the battle-tested, standard Solana Program Library (SPL) framework rather than deploying custom, unverified token program logic, the project mitigates the risk of unique execution vulnerabilities.
• Transition toward Definitive Smart Contract Documentation: To eliminate transparency gaps and address the lack of explicit contract specifications, technical repositories and precise multisig governance parameters are being prepared for public documentation. This will allow independent participants to programmatically verify deployment logic and access controls.

Mitigation of Physical and Digital Asset (RWA) Synchronization Risks

• Redundant Database and Indexing Architecture: To prevent decoupling between on-chain Non-Fungible Tokens (NFTs) and physical inventory, the platform deploys highly redundant indexing layers and real-time synchronization tracking software across its partner vaults (such as PWCC). This architecture minimizes data latency and guards against database state desynchronization.
• Fail-Safe Burning and Logistics Interlocking: The redemption pipeline features an automated, transactional interlock. If the programmatic bridge stalls after a user signs a transaction to burn an NFT, the integrated application layer triggers an automated secondary log review to guarantee physical delivery fulfillment, preventing unrecoverable asset-twin loss.

Mitigation of Scalability, Performance, and Base-Ledger Dependencies

• Dynamic Fee Optimization and RPC Redundancy: To insulate users from Solana network congestion, consensus stalls, or localized outages, the interface integrates dynamic priority fee mechanics (optimizing transaction processing via automated tools like Solflare algorithms). The protocol also utilizes redundant, private RPC endpoint infrastructure to maintain marketplace and pack-opening availability during high L1 traffic.
• Oracle Aggregation and Circuit Breakers: To mitigate single points of failure from third-party APIs or external data indexers, the platform is moving toward aggregated data feeds to track real-time marketplace valuations.

Mitigation of Cross-Chain and Bridging Vulnerabilities

• Perimeter Isolation Policy: The project strictly maintains an official perimeter isolation policy, anchoring the CARDS token solely to its native, verified Solana contract address. By abstaining from establishing official, native cross-chain bridges, the protocol completely avoids the systemic smart contract compromises and custodial risks typical of cross-chain liquidity wrappers.

Mitigation of Wallet Management and Privacy Weaknesses

• Native Wallet Security and Hardware Integration: Users are guided toward industry-standard, non-custodial Solana setups (e.g., Phantom, Solflare) that feature built-in transaction simulations to warn against malicious drainage scripts and phishing attempts. Hardware wallet integrations (such as Ledger) are natively supported to protect private seed phrases from digital compromise.
• Data Separation and Privacy Safeguards: To counter advanced chain-analysis risks, the platform enforces a strict separation between public, on-chain ledger metadata and sensitive real-world warehouse logistics. Personally identifiable shipping data and physical handling logs are handled in isolated, encrypted off-chain environments, preventing the public linkage of real-world identities to specific crypto-asset portfolios.

Mitigation of Audit and Security Testing Limitations

• Commitment to Systematic Independent Audits: To resolve the absence of documented testing, the protocol is establishing structured engagement pipelines with certified blockchain security firms. Ongoing and future smart contract architectures governing the platform's custom gacha repack mechanisms and vault infrastructure will be subjected to formal cryptographic audits and public penetration testing to ensure latent flaws are identified and patched.

Collector Crypt Foundation

9845009C75B80F7B5710

CARDS

CARDS (CARDS) is an SPL token on the Solana blockchain, so it inherits Solana’s consensus: a Proof‑of‑Stake (PoS) system combined with Tower BFT (a Practical Byzantine Fault Tolerance variant) that uses Proof of History (PoH) as a global cryptographic clock.

Security comes from SOL being staked by validators, whose voting power and rewards are stake‑weighted, with Tower BFT providing BFT-style safety (tolerance to a fraction of faulty/Byzantine nodes) and “lockouts” that make it very costly to revert finalized blocks, helping prevent double‑spends and long reorgs. Efficiency comes from PoH ordering transactions before consensus, which reduces validator communication overhead and latency, enabling high throughput and fast finality; CARDS transactions are therefore settled with the same high-speed, low-fee properties and security assumptions as other Solana tokens.

Transaction Security and Consensus Incentive Mechanisms

Collector Crypt does not maintain a native, standalone consensus network or operate independent validator nodes to secure its transaction ledger. Security, transaction finality, and cryptographic immutability are entirely inherited from the underlying blockchain infrastructure:

• Underlying Network Security: All transactions—including the minting of asset-backed Non-Fungible Tokens (NFTs), token burning, transfers of ownership, and automated protocol executions—are validated and secured by the Solana network.
• Network-Level Incentives: Transactions are processed by Solana's decentralized validator network using its hybrid Proof-of-Stake (PoS) and Proof-of-History (PoH) consensus mechanisms.
• Native Validator Rewards: Transaction validation incentives are processed exclusively at the base ledger layer via standard Solana network gas fees. No protocol-level inflation, validation rewards, or block emission incentives are generated by or distributed via the CARDS token.

Applicable Protocol and Operational Fees

All commercial activities within the ecosystem are subject to explicit structural fees. These operational fees are denominated in external stablecoins ($USDC) or native gas tokens to cover platform overhead, physical verification, and secure storage management:

• Secondary Marketplace Trading Fee: The protocol levies a standard 2% to 4% transaction fee on all peer-to-peer secondary market sales conducted on its native platform, significantly reducing the 10% to 15% intermediary friction seen on traditional web2 platforms like eBay.
• Gacha Pack Primary Margins: Fees are integrated natively into the purchase price of randomized digital repack openings via the "Gacha Machine" and "Grail Machine" platforms, serving as the primary revenue generator for the protocol.
• Physical Asset Redemption Fee: When a user elects to permanently burn an NFT to withdraw the underlying physical Pokémon, One Piece, or sports card from the fulfillment facilities, a 2% vault withdrawal fee (calculated against the asset's insured book value) is applied alongside standard shipping and handling costs.
• Vault Storage and Asset Insurance: The protocol levies a 0% ongoing fee for vault maintenance. There are no recurring annual, monthly, or storage upkeep fees charged to token holders while the physical cards remain secured within the partner repository networks.
• Automated "Sniper" Bidding Fee: The platform charges a flat 1% success fee through its automated bidding tool. This fee is processed only upon the successful acquisition, vaulting, and tokenization of a targeted external collectible asset. Unsuccessful bids incur zero protocol fees.

2026-05-28

2026-06-10

106.30548

"Data provided by CCRI; all indicators are based on a set of assumptions and thus represent estimates; methodology description and overview of input data, external datasets and underlying assumptions available at:
https://carbon-ratings.com/dl/whitepaper-mica methods-2024 and https://docs.mica.api.carbon ratings.com. We do not account for any offsetting of energy consumption or other market-based mechanism as of today."

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