Courtyard.io raised $37M as tokenized collectibles gain mainstream traction.
The market for tokenized Pokémon cards is experiencing rapid growth, with Collector Crypt’s launch drawing investors and collectors into on-chain trading. Its CARDS token surged tenfold in less than a week, hitting a fully diluted valuation (FDV) of $360 million.
The token’s price signals $38 million in projected annualized revenue, fueled by intense demand for its “Gacha machine,” which produced $16.6 million in sales last week.
The broader trading card RWA (real-world asset) sector has also gained traction. According to CoinGecko, trading card RWA platforms reached an $87.2 million market capitalization this week, rising 32% in 24 hours.
Collector Crypt reported $44 million in monthly volume, a 124% increase month-over-month, while rival Phygitals posted $2 million, up 245%.
Danny Nelson, a research analyst at Bitwise Asset Management, compared the trend to a pivotal moment in prediction markets.
“Pokémon and other TCGs are about to have their ‘Polymarket moment,'” Nelson wrote in an X post.
Collector Crypt stands out by addressing inefficiencies in Pokémon’s multi-billion-dollar trading ecosystem. Despite its size, most deals still involve shipping physical cards and verifying condition through intermediaries.
By tokenizing assets on Solana, Collector Crypt allows instant trading, NFT-backed deposits, and global liquidity.
The CARDS token’s surge reflects investor expectations that revenue from marketplace fees and buybacks will sustain long-term value. Its Gacha feature, which dispenses randomized digital card packs, has been so popular that the team is struggling to keep inventory available.
The Solana Foundation, which highlighted a PSA 10 Charizard card moving seamlessly on-chain, framed the shift as a structural change.
“Startups like Collector Crypt and Phygitals are cracking the code: tokenize it, make it redeemable, rip packs digitally, zero friction,” the foundation reported.
Underlying market dynamics support the trend. In fiscal 2024, The Pokémon Company produced 9.7 billion cards, nearly triple the output of two years prior, according to a report. That year alone accounted for 18.3% of all Pokémon cards ever produced, fueling liquidity in secondary markets.
On-chain data reinforces the growth. According to Raydium Protocol, tokenized Pokémon packs have already surpassed $70 million in sales, including a record $5 million in 24 hours. A Dune Analytics dashboard shows more than 17,000 tokenized cards circulating across marketplaces.
The momentum reflects a broader RWA narrative. Traditional efforts have focused on treasuries, gold, and real estate, where blockchain improves settlement speed but does not transform market structure. Trading cards, however, remain mostly offline despite massive retail demand.
Nelson noted that Whatnot, a social auction platform, generated $3 billion in sales last year, much of it from Pokémon cards. Yet no exchange-traded funds or institutional products exist for the hobby. Tokenization provides digital rails for a market still underserved by finance.
Other platforms are testing similar models. According to CryptoRank, Courtyard.io raised $37 million, including a $30 million Series A in July 2025 led by Y Combinator, ParaFi Capital, and NEA.
Courtyard issues NFTs on Polygon tied to cards stored and insured by Brink’s, with redemption rights for physical assets. A Delphi Digital report said the approach blends NFTs with tangible RWAs.
Skepticism remains. Critics argue that tokenization could fragment liquidity across protocols, while established marketplaces like eBay and PSA already offer vault and escrow services.
simple_peanut3, a builder at Grvt and longtime Pokémon TCG collector, cautioned that speculative hype could harm both communities.
“Sooner or later, this may not end well for both sides — whether you’re a crypto native or a pure Pokémon collector,” he wrote.
Despite concerns, proponents argue tokenized cards can serve as collateral for loans and unlock financial utilities beyond traditional markets. The Solana Foundation has emphasized that the phenomenon is part of a broader industry trend.
