Even if you don’t plan to participate in the @refihub sale on @craftsdev, it’s worth watching how it plays out. Crypto has a bad reputation for inflated FDVs. With a sealed-bid auction, FDV is discovered by the market, not arbitrarily set by the team. Basically ICO on Crafts works like this: The clearing price (final sale price) is the lowest price at which the full token allocation can be sold. -> Let’s say the ICO allocation is 1,000 tokens. We need to find the price at which those 1,000 tokens can clear. Investors submit bids: A bids for 200 tokens at $1.00 B bids for 300 tokens at $0.80 C bids for 400 tokens at $0.60 D bids for 500 tokens at $0.40 The auction sorts bids from highest price to lowest: At $1.00, demand = 200 tokens At $0.80, cumulative demand = 500 tokens At $0.60, cumulative demand = 900 tokens At $0.40, cumulative demand = 1,400 tokens The sale needs to place 1,000 tokens. At $0.60, demand is still too low because only 900 tokens want to buy at $0.60 or higher. At $0.40, demand reaches 1,400 tokens, more than the 1,000 tokens available. ➝ So the clearing price becomes $0.40. ➝ A, B, and C get filled in full. ➝ D gets partially filled for the remaining 100 tokens. ➝ Everyone pays the same price: $0.40. If cumulative demand at $0.60 had reached 1,000 tokens instead of 900, then the clearing price would have been $0.60. TLDR: the auction stops at the first price level where demand is high enough to absorb the full allocation. If you want to test your assumptions around market-driven FDV, make sure to understand the dual structure that comes with Crafts. Crafts links the token to a legal structure where an SPV/DAO LLC signs a SAFE with the company, and token holders get exposure through that entity.