Tuesday, November 30

DAO raised $ 40 million to buy a copy of the United States Constitution


A group of people formed a DAO (Decentralized Autonomous Organization, according to its acronym in English) in order to raise money to participate in an auction, where one of the 13 existing copies of the United States Constitution would be sold.

The organization goes by the name ConstitutionDAO and although they have their own Web page, they used the services of Juicebox to collect the money they needed. This platform is responsible for facilitating the receipt of donations or tips through the Ethereum network.

ConstitutionDAO’s goal was to acquire one of the 13 existing official copies of the United States constitution. Sotheby’s auction house would be responsible for offering such a document to interested buyers.

If the auction was won, ConstitutionDAO hoped to be able to partner with an institution that could take responsibility for the historic document and, eventually, be able to display it to the public.

Each donor received governance tokens that would allow them to participate in the decision-making of the organization. For example: the mission and values ​​that will govern this DAO, where and in what way the copy of the United States Constitution should be displayed, among others.

The DAO did not obtain the official copy of the United States Constitution

Despite all the efforts made by ConstitutionDAO and all its collaborators, and having managed to raise USD 40 million in the portfolio they allocated to safeguard the funds, they did not win the auction. Although they got pretty close.

The bid for the historical document reached USD 41 million, which after adding taxes and other necessary expenses would reach a total cost of USD 43.2 million. The event was broadcast live on Sotheby’s YouTube channel, where various works of art were also auctioned.

Despite not having achieved its main objective, what has been achieved by this DAO is remarkable, from the use of cryptocurrency technology for its objective, to the final amount reached. Source: Pixabay.

Through an announcement on the organization’s website, the core team in charge of ConstitutionDAO informed donors that soon they would be returning the money to each participant. However, they did not give details of how the procedure would be, beyond mentioning that they would have the support of Juicebox for it.

According to the ConstitutionDAO website, there were 17,437 participants who contributed to this campaign and the average donation was $ 206.26 per person. The money collected in ether (ETH), the native cryptocurrency of the Ethereum network, is kept safe in a multi-signature wallet. To move the funds, it is necessary to have the digital signature of the thirteen people in charge of their custody.

In mid-April 2021, we reported in CriptoNoticias the growing trend towards the fractional purchase of art pieces, especially in NFT format, through a DAO. At that time, one of these organizations managed to win the auction of a work by the artist known as “Pplpleasr”, worth USD 525,000.

As for the renowned New York auction house Sotheby’s, its openness to the cryptocurrency ecosystem has been such that it recently launched its own online auction platform called Sotheby’s Metaverse. In it you can buy pieces of art in NFT format, which can be paid with bitcoin (BTC), ether (ETH), USD Coin (USDC) or US dollar.



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