$64 Million Chases Blokyz NFTs, But Most Money Goes Back to Buyers

The Web3 collectibles company Blokyz made headlines when it sold over $64 million worth of NFTs in just 24 hours. However, a closer look reveals that most of this money was actually queued for refund.

Blokyz had reserved 7,500 NFTs for a public raffle at 0.03 ETH each, roughly $75 at the time. With no limit on entries per wallet, and every unsuccessful entry receiving its 0.03 ETH back, many people saw this as an opportunity to lock up more ETH temporarily rather than losing the full entry price each time.

By the close of the raffle, 22,443 wallets had submitted 853,964 entries, committing 25,618.92 ETH worth $64.4 million. But only 7,500 winning entries could actually settle, and Blokyz kept just 225 ETH, or about $566,000.

While this may have initially looked like a record for an NFT sale, it's clear that most of the money was not actually earned by Blokyz. In fact, public rankings measure what a project keeps, not what passes through its hands.