Over $64 million flowed into Blokyz NFT sales within 24 hours, but the company refunded most of the funds, keeping less than $600,000. Blokyz is a Web3 collectibles company that makes physical resin statues. It launched a set of 10,000 Original Blokyz on Ethereum, and reserved 7,500 NFTs for a public raffle, priced at 0.03 $ETH (about $75) each. Each wallet could enter an unlimited number of times. Entries that did not win would receive refunds. Even if there were already enough entries, the raffle remained open for 24 hours.
By the end, 22,443 wallets submitted 853,964 entries, promising a total of 25,618.92 $ETH
(about $64.4 million)—with an average of 114 entries per potentially claimable NFT. Only 7,500 winning entries could be settled. At 0.03 $ETH each, Blokyz could only retain 225 $ETH (about $566,000), meaning most of the funds were temporarily queued for refunds. The current trading price of tokens held by winners is roughly five times the mint price, and it appears that most winners already held the tokens.
Based on the retained funds, this is far below top minting projects like Yuga Labs (about $410 million). But based on the queued refund amount, it could set a record; however, public rankings do not track this metric. The overall NFT market is still relatively small (about $2 billion, versus $1.6 trillion for Bitcoin), so this weekend’s spike is not necessarily a bullish signal for the market overall. So far, 22,000 people have received refunds—will they spend again?
By the end, 22,443 wallets submitted 853,964 entries, promising a total of 25,618.92 $ETH
(about $64.4 million)—with an average of 114 entries per potentially claimable NFT. Only 7,500 winning entries could be settled. At 0.03 $ETH each, Blokyz could only retain 225 $ETH (about $566,000), meaning most of the funds were temporarily queued for refunds. The current trading price of tokens held by winners is roughly five times the mint price, and it appears that most winners already held the tokens.
Based on the retained funds, this is far below top minting projects like Yuga Labs (about $410 million). But based on the queued refund amount, it could set a record; however, public rankings do not track this metric. The overall NFT market is still relatively small (about $2 billion, versus $1.6 trillion for Bitcoin), so this weekend’s spike is not necessarily a bullish signal for the market overall. So far, 22,000 people have received refunds—will they spend again?