Ethereum Users Locked $64 Million in a 24‑Hour Blokyz NFT Raffle

Blokyz, a Web3 collectibles company known for physical resin figures, launched a large‑scale NFT raffle on Ethereum. The project offered 7,500 Original Blokyz NFTs at a price of 0.03 ETH (about $75) each.

Raffle Mechanics and Participation

Anyone could enter the raffle, with no limit on the number of tickets per wallet. Each ticket required locking 0.03 ETH, which would be refunded if the ticket did not win. The raffle remained open for 24 hours, even after the total number of entries exceeded the available spots.

Entry Statistics

• 22,443 unique wallets participated.
• 853,964 total entries were submitted.
• 25,618.92 ETH (≈ $64.4 million) was locked during the raffle.
• Approximately 114 entries competed for each of the 7,500 NFTs.

Financial Outcome

Only the winning entries required payment. At 0.03 ETH per NFT, Blokyz retained 225 ETH, roughly $566,000, while the remaining $63.8 million was refunded to participants.

Comparison with Other NFT Sales

By revenue retained, the Blokyz raffle does not approach the earnings of major NFT projects such as Yuga Labs’ Bored Ape Yacht Club, which generated around $410 million. However, the volume of ETH temporarily locked may represent a notable record, though public rankings typically track retained revenue rather than queued funds.

Market Context

The broader NFT market is valued at about $2 billion, contrasted with Bitcoin’s market cap of roughly $1.6 trillion. The high participation in this raffle highlights continued interest in collectibles, even as overall market sentiment remains cautious.

Future Considerations

With over 22,000 participants receiving refunds, the next phase will test whether they reinvest in similar offerings or shift focus elsewhere.