$64M in ETH rushed into a Blokyz NFT sale, most returned

Within 24 hours, over $64 million was sent to the Blokyz NFT sale. The company handed back the vast majority of that sum, holding onto less than $600,000.

Blokyz operates as a Web3 collectibles firm that manufactures physical resin statues for brands such as CoinGecko, Arbitrum and KuCoin. Its newest initiative was far bigger: a set of 10,000 Original Blokyz NFTs running on Ethereum.

How $64 Million Chased 7,500 NFTs

The firm set aside 7,500 NFTs for a public raffle priced at 0.03 ETH each, around $75 at that moment. Any participant could join; there was no per-wallet entry cap, and every losing entry was to get its 0.03 ETH returned.

Less than 100 Blokyz left to claim
Over 63 Million USD Refunded pic.twitter.com/Uzg5y95J38

— Blokyz (@OriginalBlokyz) August 29, 2026

Throughout the 24-hour period, the raffle remained open even though enough entries had already arrived to fill every slot. Buying additional tickets simply locked up more ETH temporarily rather than risking the full entry cost every time the raffle did not succeed.

At the end, 22,443 wallets had placed 853,964 entries, committing 25,618.92 ETH valued at $64.4 million. That amounted to roughly 114 entries for each available NFT.

Yet only 7,500 winning entries could actually proceed. At 0.03 ETH per item, Blokyz could keep just 225 ETH, or about $566,000.

So at first glance, Blokyz appeared to set a new NFT sale record with $64 million. This is striking at a time when NFTs are supposedly dead. However, it turns out that most of that sum was only temporarily lined up for refunds.

Was It a Record? Nobody Can Say

In terms of revenue earned, it is nowhere close. Yuga Labs, the creator of Bored Ape Yacht Club, brought in roughly $410 million from its mints. Blokyz did not earn enough to appear on that ranking at all.

Based on the funds queued, it might be a genuine record. However, nobody tracks that metric. Public rankings measure what a project retains, not what passed through its coffers.

The most remarkable aspect of this sale is the one thing nobody can verify. Something real did occur, as the items now trade at about five times their cost, so most winners opted to keep them.

Meanwhile, the scale warns against overexcitement because the broader NFT market is valued at around $2 billion, while Bitcoin (BTC) alone is worth $1.6 trillion. A busy weekend for collectibles is not a sign of a resurgent bull market.

I thought @OriginalBlokyz will be the next bluechip NFT.

I guess not.

$64M fundraise just to get couple hundred dollars is what were seeing.

I guess NFT is not back.
it's just another pump and dump happening here https://t.co/bvFACNEdVw pic.twitter.com/q4JcN3XLuO

— Gomtu (@gomtu_xyz) August 29, 2026

The real test begins now that 22,000 people have just gotten their money back. Will they actually spend it on the same thing again?