Pump.fun TCG Packs Face Scrutiny Following Phygitals Pivot

After a strong launch, pump.fun’s new TCG gacha feature is struggling to maintain consistent use, with daily volume dropping 91% from its Day 2 peak.

While declining activity following a product launch is common, analysts argue that a change in pump.fun’s underlying gacha infrastructure is yielding poorer results for users.

Meanwhile, pump.fun’s initial gacha roll out sparked an influx of new activity for Collector Crypt, which just recorded a new all-time high in weekly volume. 

Pump.fun TCG Packs Disappoint Collectors After Supplier Change

Last week, pump.fun quietly pushed a new feature to its mobile app, enabling users to open gacha packs containing exotic RWAs like TCG cards and luxury watches. After debuting the feature atop Collector Crypt infrastructure, pump.fun’s gacha feature migrated to Phygitals, a rival marketplace.

Allegedly, collectors have been hit hard by the pivot. Samstar, an independent analyst, claims that Phygitals is earning a 9% take rate on packs opened via the pump.fun app, almost double Collector Crypt’s 5%. Additionally, Samstar highlighted some discrepancies between the realized and expected value on some packs, with collectors consistently losing out.

In the particular case of the Phygital’s $5 pack, Samstar claims that users’ realized value currently sits between 82%-85%, well short of the advertised 99.7%. While this could be attributed to probabilistic variance, Samstar argues that 57,000 openings over a 46,000 period is a sufficiently large sample size to detect a reliable trend. 

A smaller disparity was observed in the $25 pack, which saw a realized value of 94% against 99.4% expected value across ~5,000 openings.

Much of the delta is likely due to the complete absence of high value pulls, or ‘chase cards’, from the Phygitals packs. According to Samstar, zero chase cards have been pulled across 76,000+ pack openings, a figure made “very concerning” by the fact that Phygitals has no onchain Verifiable Random Function, a cryptographic tool that provably generates a random, unmanipulated number.

Collector’s disappointment can also be viewed through the rate at which the cards opened through gacha packs are kept, instead of being instantly sold back for cash. During the Collector Crypt integration, the total value of cards kept by users reportedly sits at over $400,000. Comparatively, only $11,000 worth of collectibles sourced from Phygitals packs have been retained by users.

Gacha Volume Cools After Strong Debut

While pump.fun’s gacha debut witnessed millions in volume, the feature has struggled to maintain consistent activity. After recording over $8M in daily spend on October 20th, pump.fun’s daily gacha volume has plummeted 91% to witness just $660k on October 25. 

This decline is consistent with previous gacha integrations across other apps, like Jupiter and Solflare, which see see strong volume at launch and trend downwards in the following days and weeks.

Samstar theorizes that pump.fun could be trialing the feature with both providers before committing to a genuine partnership. Unlike the majority of Collector Crypto’s partners, the pump app does not use any onchain memos. 

Additionally, none of the companies involved have made any announcements surrounding the integrations, suggesting there is currently no official partnership between pump and any onchain gacha company.

Collector Crypt Records All-Time High in Weekly Volume

Regardless of the feature’s declining volume, the pump app undoubtedly still offers tremendous distribution. Blockworks data suggests that over 10,800 new users interacted with Collector Crypt in the days that the feature was live.

Driven by a fresh surge of activity from pump, Collector Crypt went to record a new all-time high in weekly volume, netting over $156M across gacha and marketplace sales. 

Downstream of its impressive volume, DefiLlama data suggests Collector Crypto has recorded a new all-time high in both weekly and monthly revenue, with 5 days still remaining before the end of October.

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