Flow Blockchain developed by Dapper Labs raises $18M in Public Token Sale

Dapper Labs have raised over $18M in a public sale of the Flow blockchain's native tokens. It allowed investors to purchase FLOW tokens.

By · Oct 11, 2020 . 5min read

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Flow, a blockchain developed for the NFT industry, has raised $18 million in a public token sale. The Flow blockchain, designed by Dapper Labs, held a public sale via fundraising platform CoinList from September 21 to October 2. Dapper Labs is the company behind Cryptokitties, collectible cat tokens, and a runaway hit.

The company announced that over 13000 participants had engaged in both a community sale and auction of FLOW tokens over the past two months. The FLOW token is the native asset of the Flow blockchain. Validators, application developers, and users use the token to participate in the network.

Flow auction and Community Sale a success

The token sale included a community sale and an auction. The community sale took place over two weeks, from September 21 to October 2. It ensures a broad distribution of tokens among participants. Users were only permitted to buy a maximum of 10,000 Flow tokens estimated at $1000, reportedly the same allocation and terms that previous venture capitalists were offered.

Moreover, users who purchased tokens in the community sale are allowed to a two-year token lock-up period. According to the release, after 12 months, half of those tokens will be unlocked. However, the remaining tokens would unlock in a linear structure over the second year. Additionally, the community sale drew over 12500 users and perceived over $9M of funds raised from users from 100 different countries.

The auction of FLOW tokens then served from September 24 as users started to present bids over a 12-day window for 2% of the genesis block or 25 million FLOW tokens. This raised $9.5 million, and the price of an individual FLOW token closed at $0.38. According to the release, the second phase of the token sale lifted the cap on the number of tokens bought. Moreover, more prominent participants could participate in price discovery for the outstanding allocation of tokens.

Earlier, Dapper Labs last year raised an added $11 million to get Flow off the ground. The purpose was to build a blockchain ideal for the NFT market. It comes with the usual promises of new blockchains: it’s faster, more scalable, and cheaper than Ethereum.

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