Dutch Auctions are aimed at finding the true market value of a completely novel item. In this case, the price is set to a higher value per NFT than expected and descends over time, with the eventual price being settled once all tokens have been sold. Practically, this means participants individually decide at which point they’re happy with an NFT price and commit their funds. However, the auction continues until everyone is happy with the token price.
Strategic Tip: Collectors should carefully balance waiting for a better price and getting in before the collection sells out. It is the fear of missing out that prevents the price from falling too low.