Key Takeaways:
Blokyz's Original NFT raffle drew $64.4 million in staked ETH over 24 hours, yet the project kept just $566,000 after refunding losing entries.
On-chain records show 22,443 wallets submitted 853,964 entries at 0.03 ETH each, committing 25,618.92 ETH worth $64.4 million, according to Etherscan data.
Only 7,500 winning entries could settle, so Blokyz retained 225 ETH, or about $566,000. The raffle stayed open for the full 24 hours even after every available spot was filled, letting buyers lock up more ETH temporarily rather than lose the entry price on each failed attempt.
The figures now trade at about five times their 0.03 ETH cost, so most winners chose to keep them. But the wider NFT market is worth around $2 billion, versus Bitcoin's $1.6 trillion market cap, so a hot weekend for collectibles is not a sign of a returning bull market.
Blokyz is a Web3 collectibles company that has made physical resin figures for brands including CoinGecko, Arbitrum, and KuCoin. Its latest project was larger: a collection of 10,000 Original Blokyz NFTs on Ethereum.
The raffle mechanics explain the gap between gross and net. With no cap on entries per wallet, buyers could submit unlimited tickets at 0.03 ETH each, roughly $75 at the time. Every unsuccessful entry received its ETH back, so the 24-hour window effectively functioned as an interest-free escrow rather than a sale. By the close, roughly 114 entries were chasing each available NFT.
By money earned, the sale is not close to a record. Yuga Labs, the studio behind Bored Ape Yacht Club, made roughly $410 million from its mints. Blokyz did not earn enough to appear on that list at all. By money queued, it might be a genuine record, though no public ranking tracks what passes through a project's hands rather than what it keeps.
The real test starts now that 22,000 people just got their money back. Whether they spend it on the same thing again will determine if the weekend's activity was a one-off or the start of a broader NFT revival. The wider market remains subdued: NFT sales fell 44.7 percent to $63.33 million over the past seven days, with Ethereum leading at $35.56 million in organic sales, according to CryptoSlam data captured Aug. 29. Blokyz ranked sixth among collections with $1.83 million in secondary volume from 4,212 transactions, a sign that early winners are already testing the market rather than holding for a longer run.
This article is for informational purposes only and does not constitute investment advice.
