Distribution

Fixed price sale

Tokens are sold at a price that stays constant over the duration of the sale.

For example:

• Works of art in an art collection are sold at a fixed price of $1000 per piece.

• Shares in a fund are sold at a fixed price of $1 per share.

Airdrop

Tokens are distributed for free to a list of entities or addresses.

For example:

• Works of art in a collection are distributed for free to a large number of fans to reward them for their early support.

• Fund shares in a fund are distributed for free to all investors proportional to their holdings to increase the liquidity of the fund.

Auction

Tokens are sold to the highest bidder in an auction.

For example:

• Works of art in an art collection are sold in an auction to the highest bidder.

• Fund shares in a fund are sold for the first time through an auction. Buyers submit a bid with the number of shares they would like to purchase at a specified bid price. The asset manager works down the list of bidders until the total desired number of shares is sold.