Dapper Labs, the team behind pioneering non-fungible token (NFT)-powered collectibles Cryptokitties and NBA Top Shot, has completed a dutch auction for the native token of their blockchain, Flow.
Dutch auctions allow investors to place bids at which they are willing to purchase tokens prior to the commencement of the sale, with the price moving down from the opening price until all of the tokens are sold. All participants pay the same final clearing price.