Ethereum Holders Staked $64 Million to Buy a $75 Blokyz NFT

More than $64 million poured into the Blokyz NFT sale in 24 hours. But the company had to refund most of this money, keeping less than $600,000.

Blokyz is a Web3 collectibles company that has made physical resin figures for brands including CoinGecko, Arbitrum, and KuCoin. Its latest project was much larger: a collection of 10,000 Original Blokyz NFTs on Ethereum.

How $64 Million Chased 7,500 NFTs

Blokyz reserved 7,500 NFTs for a public raffle at 0.03 ETH each, roughly $75 at the time. Anyone could enter; there was no limit on entries per wallet, and every unsuccessful entry would receive its 0.03 ETH back.

The raffle stayed open for 24-hours throughout that period, even though there were already enough entries to fill every available spot. Buying more tickets meant locking up more ETH temporarily, rather than losing the full entry price each time the raffle failed.

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