Dapper Labs, the Cryptokitties team and the leading NBA Top Shot (NFT) holding company, have completed the Dutch auction of the original Flow blockchain token.

Dutch auctions allow investors to place bids where they are willing to buy tokens before the sale starts, with the price dropping from the opening price until all tokens are sold. All participants pay the same final clearing price.

Bids on the Stream auction started at $ 1 at 5 a.m. PST on Oct 6 and ran for five hours before a final settlement price of $ 0.38 was determined. Coinlist expected the final price to be $ 0.28 three hours after the auction, indicating that several large bids were late.

Two percent, or 25 million tokens, of the total electricity was sold at the auction. Codes are now subject to reservation for 12 months.

Dutch Flow Auction Order Books: Coin List
Dapper Labs decided to create the Flow blockchain after the first release of Cryptokitties, which caused massive traffic congestion on the Ethereum (ETH) network after its launch in late 2017.

The auction marked the second moving sign sale since the October 2 “co-sale”, which allowed non-US residents to purchase 10,000 Flow tokens each at a pre-investment price of $ 0.10 per token.

The community selloff tripled Coinlist’s previous record of nearly 4,500 members in a single token sale, as over 12,000 investors rushed to buy Flow at pre-registration prices. Tokens sold through the co-sale are subject to a 24-month lockout, with half of the tokens unlocked within 12 months and the rest of the tokens scheduled to be released linearly over the next 12 months.

Almost 24 hours before the Dutch auction, Dapper released two new collectible packs for the NBA Top Shot – Dapper’s Crypto Collection, which includes the first application built on the Flow blockchain.

In the third of five waves of Premium Pack 2, all 1,492 packages were sold in about one minute at $ 24 each, while about 1,600 of the 8,991 Eastern Conference Finals were sold in the last 24 hours. Top Shot launched in open beta a week ago after selling over $ 2 million to 17,000 closed beta users.

Source: CoinTelegraph