Beezie hit $70m Sales in Q1 2026

Six weeks after the last Sporting Crypto deep dive on Beezie, the onchain collectibles platform has roughly tripled its numbers. I sat down with co-founder and CEO Andrea Miele to walk through the growth, the model, and where the business goes next.

Beezie hit $70 million in volume in the last three months. That's since the platform went multichain and launched on Base in mid-January.

I wrote about Beezie six weeks ago in: Digital Claw Machine Beezie Hits $26m Volume in Onchain Collectibles Boom.

This time, I have the founder on the podcast – giving us some extra insight.

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The Q1 Numbers 📈

Beezie launched its first product in January 2025 on the Flow blockchain. The first full month of volume was a little over $200,000.

By Q4 2025, the platform reached a record quarterly volume of just under $18 million. That was the best quarter to date at the time. 

In mid-January 2026, Beezie went multichain and launched on Coinbase's Base, which Andrea described "the distribution unlock we were looking for." 

In the last 3 months (Q1 2026) since their launch on Base - they’ve seen ~$70m in volume, $30m in revenue and $2m in fees. 

More interesting than the top-line is the composition.

Andrea said:

“We've had our collectors hold almost 1.5 million in collectibles from our claw machine, which is a statistic I'm super proud of because it shows that people are coming to collect. And that's ultimately, that's who we want using this platform." 

ps.

Listen to the full interview with Andrea Miele below.

We cover her background, the origin of Beezie, the Flow-to-Base move, the buyback model, the brand B2B2C conversation, and where the business is going next.

The Roadmap 🗺️

Four interesting things came out of the conversation that speak to the scale of Beezie’s ambitions:

1. Beezie is launching on Solana in Q2 2026, adding a third chain to their multichain business alongside Base and FLOW. 

2. They are pushing hard on IRL activations in Korea, which Andrea described as "wide open" with no clear-cut winner. Korea is the obvious second market for collectibles after the US — deep TCG culture, high smartphone penetration, and a crypto base that is comfortable with consumer-facing products.

3. Activations built for female buyers. Andrea pointed out that in the physical world, blind boxes (Pop Mart), real claw machines, skew heavily female. Web3 has built almost nothing for that audience. “To build an activation that caters to the real life buyers is going to be really fun."

4. The top-line forecast for 2026: $500 million in total volume. 

In a space where competitive advantage is difficult to come by, differentiating your business based on niche, audience or geography makes sense. 

The Competitive Landscape 🌐

Six weeks ago I ran the take-rate across the main onchain collectibles platforms using Dune. Beezie had just crossed $26m of Base volume, and I compared its revenue per dollar of volume against Courtyard and Collector Crypt using a single week of data.

There are two metrics key across Courtyard, Collector Crypt and Phygitals to interrogate:

(1) Weekly gacha spending (gross sales on claw pulls)

(2) Weekly revenue net of buybacks (what actually lands on the platform's P&L).

So let’s see how they landed in Q1 2026.

• Collector Crypt processed roughly $153 million in gross gacha spending in Q1 2026.

• Courtyard processed roughly $135 million.

• Beezie's comparable number here is its $30 million in Q1 revenue 

• Phygitals was at roughly $15 million.

But this number doesn’t paint the whole story. Collector Crypt is out-selling Courtyard at the top of the funnel. Buyers are spending more dollars on Collector Crypt pulls than on Courtyard pulls each week, and they have been for most of Q1. But Courtyard makes a lot more money. Let’s explain that.

What does every platform keep?

• Courtyard made 38.2 million in Q1 revenue net of buybacks.

• Collector Crypt generated roughly $12.7 million.

• Phygitals generated $360,000.

Courtyard is keeping roughly three times the net revenue that Collector Crypt is, despite doing less gross volume.

Which gives you the cleanest single-view metric of how well each platform is actually monetising: the Q1 take rate.

• Courtyard's Q1 take rate works out at roughly 28% 

• Collector Crypt's at roughly 8%.

• Phygitals at around 2%.

So where does Beezie fit into this?

The numbers aren’t apples to apples, but it’s worth a try.

Beezie's comparable here is its fees line, not its revenue line. That needs a quick explanation.

Andrea said Beezie has done $70 million in volume, $30 million in revenue and $2 million in fees on Base since they launched in Q1 2026.

The numbers we can define here are:

• Volume: $70m → What is actually sold as products on the platform and returned, including buybacks, and marketplace transactions

• Revenue: $30m → The sales. The amount of money spent on the claw.

• Revenue net of buybacks → How much money is made in revenue post buybacks? This is a metric we don’t know for Beezie.

• Fees → $2m: the actual fees that Beezie take on their marketplace

The two most important things for these tokenized collectibles businesses are:

1. Sales-to-take-rate ratio

2. The lifetime P/E of a collectible. If a collectible is sold, then rebought at a 90% rate, then there is a margin every time it’s bought back and then repackaged for a sale.

Beezie’s numbers are really strong and growing.

And the larger the volumes and the buybacks, the stronger that lifetime P/E of collectibles is, although there is, of course, always pressure from collectors to get the best inventory on the platform.

It’s difficult to guess the revenue net of buybacks for Beezie.

Taking the $2m in fees number would get us a 6.67% take ratio.

But the fee number may not be attributing the entirety of the margin made from the buyback mechanic, and taking a ~10% take ratio that Collectory Crypt maintain would still see $3m in revenue net of buybacks, which would still be impressive.

Concluding Thoughts 💭

(1) Onchain collectibles have quietly become huge

Courtyard, Beezie, Collector Crypt and others are compounding volume at a rate that the rest of the consumer crypto stack has not matched. Beezie going from $200,000 in February 2025 to $60m a quarter a year later is a better product-market-fit story than most of the companies that attracted bigger rounds in 2025.

(2) The gamified commerce thesis is the real bet

Every founder in this space keeps pointing at the same thing: Pop Mart, TikTok unboxing videos, blind boxes, Fortnite, Roblox. The bet is that a generation raised on digital dopamine loops does not distinguish between ripping a physical pack and pulling a digital claw.

(3) The Real Moat is the Operations

I’m a firm believer that people are misunderstanding this product category.

The moat isn’t the front end.

It’s the operations. The inventory. The supply. The safety. The delivery speed. The liquidity.

This isn’t easy to replicate, so hats off to Beezie for being able to build a business with surging volume here, because it’s not easy at all.

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