Tokenized trading cards did $327M in volume over the last 30 days, up 8.3%, with the market splitting between five protocols. On the surface it looks like Courtyard's game: 44.5% of all volume, $145M in flow. But volume only tells half the story.

The other half is who actually makes money. Courtyard runs a thin 2.14% take-rate, so all that flow turns into just $3.1M in fees. Collector Crypt moves less ($123M) but charges 9.21%, pulling $11.2M, more than three times Courtyard's revenue.