Dapper Labs, the team behind the pioneers of the non-fungible, tokenized (NFT) collectibles Cryptokitties and NBA Top Shot, has closed a Dutch auction for its native blockchain token Flow.
Dutch auctions allow investors to make offers where they are ready to buy tokens before the sale starts;; The price will drop from the opening price until all tokens are sold. All participants pay the same final settlement price.
Bidding for the Flow auction started at $ 1 at 5:00 AM on October 6 and lasted five hours before a final settlement price of $ 0.38 was determined.. Coinlist was forecasting a final price of $ 0.28 within three hours of the auction, indicating that several large bids had come in late in the auction.
Two percent or 25 million tokens were sold through the auctionof the entire flow supply.
Dapper Labs decided to create the Flow blockchain after its first launch, Cryptokitties, which is known to have led to extreme congestion on the Ethereum network (ETH) after its start at the end of 2017.
The auction was Flow’s second token sale after the community sale on October 2nd. This enabled non-US citizens to purchase 10,000 flow tokens each at the investment price of USD 0.10 per token.
The community sale nearly tripled Coinlist’s previous record of approximately 4,500 participants for a single token sale. More than 12,000 investors stepped in to buy Flow at a starting price.. The tokens sold via the community sale are subject to a 24-month block, with half of the tokens being activated within 12 months and the rest of the tokens to be released linearly within the next 12 months.
About 24 hours before the Dutch auction, Dapper released two new collector’s packs for NBA Top Shot., the launch of Dapper’s crypto collectibles, which is the first application based on the Flow blockchain.
The third of the five waves of the ‘Premium Pack 2’ series sold 1,492 packages in approximately one minute at $ 24 each, while approximately 1,600 of the 8,991 series of the ‘Eastern Conference Finals’ sold in the last 24 hours. Top Shot launched in open beta a week ago after generating more than $ 2 million in revenue among its 17,000 closed beta users.