Ready Cards (READY)

Trading Cards RWA is heating up again, and @readycards is the one name in the sector that still hasn't repriced.

The whole argument is one comparison: market cap versus fully diluted valuation.

$READY trades around $16M, and it is already fully circulating. All 1 billion tokens are out, so the market cap and the FDV are the same number. Nothing locked. No unlock cliff hanging over you.

Now line it up against the two closest comps.

Collector Crypt ($CARDS): $67.5M market cap, but $340M fully diluted, only about 20% of supply live.

Collect on Fanable ($COLLECT): around $28M market cap, $156M fully diluted, same story, most of the supply still locked.

So fully diluted, READY at $16M is a fraction of both, for the same product category, with none of the dilution waiting to land on them. That is the catch up trade. The discount is not a fundamentals problem.

The fundamentals are the easy part. You can use @readycards today, I have been ripping packs on it myself. Real PSA-graded cards inside the digital packs, self-custody, on-chain verifiable pulls, a live marketplace. The token sits in the middle of all of it, so when volume grows, demand for the token grows with it. Real revenue, real demand, not a points farm.

My own position, full disclosure. I bought a small chunk with real money at the March lows, around a $7M to $8M FDV. About $10k worth. It is worth roughly $20k now. I am holding it as a small side bet on the Pokemon card sector. The most undervalued name, the most risk, but the most upside.

the market is currently led by revenue generating products (for better or for worse) and the @readycards team has been doing quite well over the past couple of weeks since launch

many crypto card projects are already fairly priced up to their expected market evaluation... with the exception of one:
$CARDS - 250M FDV
$COLLECT - 190M FDV
$READY - only $20M FDV, while gaining market share & already fully liquid (no vesting/locked tokens)

live product, PSA integration, and a real revenue source tied directly to the token - which isn’t just a governance token but an collectibles ecosystem token

opened a bunch recently and honestly been a big fan. next step up when?

since the teaser & official launch (and marketing push) of @BRAVOREADYGAMES, the $READY token has been on a solid uptrend, starting from a baseline of around ~8M FDV, peaking at ~24M, and now floating around ~15M the past week or so

nobody can deny the growth of onchain TCG popularity over the past couple of months - and ready's numbers have solidified them as a legitimate competitor in the space:
- 10K+ sign-ups
- 5.5K+ DAU
- $450K+ revenue

it's currently already a top 5 protocol for trading collectibles, but still way below value-wise compared to some industry leaders (ie $CARD, trading at a ~300M FDV)

might i say... $READY is potentially undervalued?