In my dream I blink just like IRL (blink often for a moment). I also shut my eyes for longer when I want to teleport.
To answer the initial question, if I keep my eyes open they just stay opened, without any effect. But for this I must focus a little on them; when I don’t focus at all,they blink as usual. If I keep them shut, 2 things may happen: if I keep my eyes shut for about 2-3min the dreamworld starts to repedeatly change the environment, like I would be spinning really fast through it, if I keep them shut longer, I simply wake up.
when I blink, nothing happens, but one time I was able to teleport myself to a beach by closing my eyes and thinking about it.
That happened to me…
I was flying around in my lucid dream, and then my eyes started to burn.
So then I blinked.
When I opened my eyes I was back in reality. 
I also read someone that said that they all of a sudden closed their eyes and ended up in a different location.
I don’t blink in dreams.
I can temporarily close my eyes and teleport, but that takes focus.
I don’t know what would happen if I just closed my eyes… 
I did that in my second LD. The LD was perfect but I just had the urge to blink, so I woke up… Really really pissed 