On Thursday, November 18, an unknown buyer bought a historically valuable copy of the US Constitution at Sotheby’s auction for $ 43.2 million. The DAO, specially created by a group of crypto investors to buy the artifact, could not outbid his bid.
A week before the auction, enthusiasts launched ConstitutionDAO as a DAO to win an auction for one of the 13 surviving copies of the first issue of the Constitution. In 1787, 500 copies of the document were printed for the Continental Congress and the delegates to the Constitutional Assembly.
In case of winning the auction, the community planned to exhibit the artifact to the public in one of the museums.
DAO members received PEOPLE governance tokens in proportion to their contributions to Ethereum. The coins did not imply fractional ownership of the historical document but made it possible to participate in making decisions related to its placement.
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Before the auction, the lot was valued at $ 15- $ 20 million, and the group set a goal to raise the amount at the top bar. The volume of funds deposited during the week exceeded $ 40 million.
“Our bet on a copy of the Constitution did not win. While not the outcome we were hoping for, we continued to make history with ConstitutionDAO tonight. That is the largest known crowdfunding for a physical object - in cryptocurrency or fiat. We are incredibly grateful to have done this together with all of you, and are still shocked at how far we have come, ”the project team said in a statement.
The organizers clarified that the DAO had 17,437 donors, with an average donation of $ 206.26.