Blokyz Web3 Collectibles Raffle Attracts $64M, Keeps Only $566K

A Web3 collectibles company called Blokyz created a large NFT sale on Ethereum, attracting over $64 million in 24 hours. The company reserved 7,500 NFTs for a public raffle at 0.03 ETH each, roughly $75.

The raffle stayed open for 24 hours, and by the close, 22,443 wallets had submitted 853,964 entries, committing 25,618.92 ETH worth $64.4 million. However, only 7,500 winning entries could actually settle, allowing Blokyz to keep just 225 ETH, or about $566,000.

Initially, it seemed like Blokyz made a new NFT sale record with $64 million. However, most of this money was temporarily queued for refund, leaving the company with less than $600,000.