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MarketEditor’s PickEthereum (ETH) NewsNFT
Aug 29, 2026
2min read
byLockridge Okoth
forBeInCrypto
Blokyz’s 24-hour NFT raffle drew 853,964 entries from 22,443 wallets, locking 25,618.92 ETH (≈$64.4M) to chase 7,500 NFTs at 0.03 ETH each; only 7,500 settled so the project kept 225 ETH (≈$566k) and refunded nearly all other funds. Winners’ Original Blokyz NFTs are trading at roughly five times the mint price, indicating short-term demand, but the mass refunds, temporary escrow of funds and concentrated speculative buying suggest this was a fundraising-style pump rather than clear crypto or NFT market recovery. The event (reported Aug 29, 2026) highlights risks around NFT launches, adoption dynamics and market liquidity.
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In Brief
- Buyers staked $64 million in 24 hours chasing a $75 collectible.
- Almost every entry lost, and almost every loser was refunded.
- Blokyz kept about $561,000. The rest went home.
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.
Less than 100 Blokyz left to claimOver 63 Million USD Refunded pic.twitter.com/Uzg5y95J38
— Blokyz (@OriginalBlokyz) August 29, 2026
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.
But only 7,500 winning entries could actually settle. At 0.03 ETH each, Blokyz could keep just 225 ETH, or about $566,000.
So, initially it looked like Blokyz made a new NFT sale record with $64 million. Surprising for a time when NFTs are supposed to be dead. But it turns out, most of this money was temporarily queued for refund.
Was It a Record? Nobody Can Say
Lifetime NFT Earnings, Mint Revenue Plus Royalties
The most striking thing about this sale is the one thing nobody can check. Something real did happen, as the figures now trade at about five times what they cost, so most winners chose to keep them.
Original Blokyz Floor Price Chart
Meanwhile, scale still argues for caution because the wider NFT market is worth around $2 billion, while Bitcoin (BTC) alone is worth $1.6 trillion. A hot weekend for collectibles is not a sign of a returning 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/bvFACNEdVwpic.twitter.com/q4JcN3XLuO
— Gomtu (@gomtu_xyz) August 29, 2026
The real test starts now that 22,000 people just got their money back. Will they really spend it on the same thing again?
