More than $64 million poured into the Blokyz NFT sale in 24 hours. But the company had to refund most of this money, keeping less than $600,000. 

Blokyz is a Web3 collectibles company that has made physical resin figures for brands including CoinGecko, Arbitrum, and KuCoin. Its latest project was much larger: a collection of 10,000 Original Blokyz NFTs on Ethereum.

How $64 Million Chased 7,500 NFTs

Blokyz reserved 7,500 NFTs for a public raffle at 0.03 ETH each, roughly $75 at the time. Anyone could enter; there was no limit on entries per wallet, and every unsuccessful entry would receive its 0.03 ETH back.

The raffle stayed open for 24-hours throughout that period, even though there were already enough entries to fill every available spot. Buying more tickets meant locking up more ETH temporarily, rather than losing the full entry price each time the raffle failed.

By the close, 22,443 wallets had submitted 853,964 entries, committing 25,618.92 ETH worth $64.4 million. That worked out to roughly 114 entries chasing each available NFT.

But only 7,500 winning entries could actually settle. At 0.03 ETH each, Blokyz could keep just 225 ETH, or about $566,000.

So, initially it looked like Blokyz made a new NFT sale record with $64 million. Surprising for a time when NFTs are supposed to be dead. But it turns out, most of this money was temporarily queued for refund. 

Was It a Record? Nobody Can Say

By money earned, it is not close. 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. Nobody tracks that, though. Public rankings measure what a project keeps, not what passed through its hands.

The most striking thing about this sale is the one thing nobody can check. Something real did happen, as the figures now trade at about five times what they cost, so most winners chose to keep them.

Meanwhile, scale still argues for caution because the wider NFT market is worth around $2 billion, while Bitcoin (BTC) alone is worth $1.6 trillion. A hot weekend for collectibles is not a sign of a returning bull market.

The real test starts now that 22,000 people just got their money back. Will they really spend it on the same thing again?

Source: BeInCrypto