Is Lockerz a scam or not? How does Lockerz really work?
There are many videos on the internet of people claiming they have got a free prize from Lockerz, and I don’t doubt most of them are telling the truth. But the fact that some people actually received a prize doesn’t make Lockerz legit, and here’s why:
Lockerz is just a highly refined web 2.0 scheme to play on people’s desire to get free stuff. The site makes you jump through all sorts of hoops just to maybe get a chance at possibly redeeming PTZ (Lockerz Points) for gear.
First they let you join only through an invitation, giving you the illusion of an “exclusive club”. Then you start earning PTZ by watching hours and hours of boring videos, answering the daily questions, and inviting more people to join their site. After a few months of this you’ll probably have enough points to redeem a very costly prize, like an iPod, a computer or a piece of clothing. Earning PTZ is surprisingly easy and that alone should make you wonder...
When you have collected enough points it’s time to redeem your prize. And here’s where Lockerz becomes a borderline scam, because while earning points is easy, redeeming a prize is almost impossible. Here’s why:
The prize redemptions happen only once or twice a month. Lockerz doesn't announce the day, therefore members have no idea when it’s going to happen and have to spend hours on the computer every day waiting for it, refreshing the page every few seconds. Not only that, but redemptions only last a few seconds. In about 30 seconds all the prizes are gone and only a handful of people were able to redeem something.
This happens because Lockerz puts only a a couple hundred items in stock available for every redemption, and the members trying to win something are hundreds of thousand, if not more.
In addition, because so many people are trying to get into the redemption, their website becomes extremely slow and many server problems occur. Seeing this is not uncommon:

There is nothing more frustrating than waiting for days in front of your computer, refreshing the page every few seconds, finally seeing the PTZ place open and not being able to get in because of technical problems. I mean, with all their funds and all the money they make, they could at least invest in better infrastructure and servers!
They promised a 24/7 redemption and that never happened, and all the comments on the matter *mysteriously* disappeared.
In short, they lure you into their site with the promise of winning free gear easily, they make you watch videos and answer questions (for which they get money for from advertisers) and they push you to purchase stuff in their own shop. And when it’s finally time to redeem a prize you discover that you have to wait an undefined day of the month, that there aren’t enough prizes for even covering a small percentage of the users, that a lot of technical problems occur and even if you are lucky and make it into the redemption at the right time, that all the prizes are gone in a matter of seconds.
In conclusion, Lockerz isn’t necessarily a “scam” in the sense that they don’t ship the prizes or that they steal your money, but it definitely isn't worth your time.
IMPORTANT UPDATE: After receiving tons of emails asking whether winning stuff online is actually possible I decided to add this short paragraph. Yes, winning amazing prizes on the internet is possible, and I've done it multiple times because, fortunately, not all websites are like Lockerz. My favourite prize website is FreebieJeebies for the following reasons:
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