The team has implement a public Dutch auction on the 20th February 2022, in an attempt towards having the fairest possible launch.
Building up to this moment, the team has always focused on producing premium art, and being a community-first project. This 10k collection stressed that they have refrained from all black hat marketing efforts and remained 100% organic to this point. Indeed, an impressive feat that is pretty rare in the NFT space today.
Public Dutch Auction
A Dutch auction is basically a type of auction in which the price of an item is lowered until it gets a bid. The first bid will be the winning bid and the bidder can walk away with the asset at the said price, assuming that the bid is above the reserve price. This is different to conventional auctions where participants compete by raising the bidding prices.
The 3Landers team will start the auction at 0.75 ETH, and lowering it by 0.1 ETH every 20 minutes. The price will continue to drop until it reaches 0.15 ETH, where it will bottom out. This is essentially the same price given to the allow list members. This method is in line with the team’s ongoing efforts to establish a transparent environment with fair pricing. Of course, the price also takes into account the team‘s future development plans in the 3Land world.