In a few days Sotheby’s auction one of only 11 existing copies of the document of the United States Constitution. It is expected to fetch a value of about $ 20 million at auction, and now a group of users want to bid collectively. How? With cryptocurrencies.
Thus was born ConstitutionDAO, a DAO (Decentralized Autonomous Organization) that allows thanks to cryptocurrencies, users buy a small portion of that document and be part of a group that wants to show that collective ownership of large assets is possible.
Anyone can own expensive things if they share them with thousands of users
Those responsible for this initiative they count how the challenge is succeed in purchasing the only copy of the US Constitution that remained in private hands. The money that the current owner, Dorothy Goldman, raises from the auction will be donated to the NGO that Goldman runs and that is dedicated to democracy education.
We’re witnessing one of the coolest human experiments ever.
More than 2,000 people have contributed $3,000,000 in less than 24 hours.
We’re trying to buy the Constitution.
Here’s the wild story of @constitutiondao 🧵
— Alex Lieberman (📜,📜) (@businessbarista) November 15, 2021
Normally only millionaires could access this option to acquire the document, but this initiative aims to demonstrate that collective ownership is feasible and that anyone can own a piece of any great asset thanks to cryptocurrencies.
At the moment they have raised 5 million dollars of the 20 million that they believe that it could end up being worth the document in the auction of Sotheby’s. The goal is precisely use that large collective account to bid on the original 1787 document. Those responsible for the initiative have already contacted the auction house, which is prepared to treat ConstitutionDAO as just another interested entity.
For Alex Lieberman, one of the promoters of the idea, this makes “what has no value ends up being accessible. Historically, ownership of rare collectibles has been reserved to 0.1% of 0.1% of the population. Unless you had millions, you had no options. “
Through cryptocurrencies and ‘tokenization’, it is possible for anyone to own a small piece of that asset by paying the amount they want. It is something like investing in the stock market: We are also in a certain way “tiny owners” of the companies in which we invest.
However, now the concept of tokenization with cryptocurrencies makes that collective property can be applied not just publicly traded companies, but any large asset that until now was only accessible to a small percentage of people – the richest – and that can now be owned by a large number of them.
More information | ConstitutionDAO