Blokyz, a Web3 collectibles company, conducted a public raffle for 7,500 Original Blokyz NFTs priced at 0.03 ETH each, approximately $75 at the time. According to reports, the raffle attracted massive participation with 22,443 wallets submitting 853,964 entries, collectively committing 25,618.92 ETH worth $64.4 million. The raffle structure allowed unlimited entries per wallet, with every unsuccessful entry receiving the full 0.03 ETH refund, creating a temporary ETH lock-up mechanism rather than full loss.
Despite the massive participation, Blokyz retained minimal proceeds from the raffle. As reported, only 7,500 winning entries could settle at 0.03 ETH each, generating 225 ETH worth approximately $566,000. The company refunded the remaining $64 million to unsuccessful participants, keeping less than $600,000 in actual proceeds. This outcome contrasts sharply with major NFT projects like Yuga Labs' Bored Ape Yacht Club, which generated roughly $410 million from its mints.
The sale generated significant market activity, with NFTs now trading at approximately five times their original cost, indicating most winners chose to retain their purchases. According to reports, the scale of the raffle represents a notable event in the current NFT market context, though it remains significantly smaller than major projects. The wider NFT market is valued at around $2 billion, while Bitcoin alone is worth $1.6 trillion, suggesting the event represents a hot weekend for collectibles rather than a broader market revival.
