A group of crypto investors tried to buy a copy of the US Constitution. It failed
A group of crypto investors have taken the concept of “We Are People” from the US Constitution to the next level. They raised money to try to buy a rare copy of the document – and they claim to have raised US$40 million to do so.
But despite the huge amount of money raised, the group still couldn’t buy the materials.
Auction house Sotheby’s sold an early copy of the Constitution on Thursday for $41 million. A group called Constitution DAO said they wanted to buy it and were planning to partner with another organization to display it.
But on Thursday night, the group tweeted a statement said they did not win the auction.
“While this wasn’t the outcome we hoped for, we’re still making history tonight with ConstitutionDAO. This is the largest crowdfunding for a physical object that we’ve ever received. know – crypto or fiat. We’re incredibly grateful to have done this with all of you and are still in shock that we’ve even come this far.”
The group said those who contributed to the fund “will be able to get your prorated amount refunded (effectively minus the gas fee) through Juicebox.”
In case you were wondering what DAO means, it stands for “decentralized autonomous organization”. The DAO is set up using the blockchain, the backbone of bitcoin and other cryptocurrency transactions.
Investors contributed come DAO Constitution the majority used ethereum, the second most valuable cryptocurrency in the world, to pay their share of the favor.
Supporters of the DAO Constitution have offer on Twitter, with a super enthusiastic and patriotic poster write a thread nine tweets including the entire preamble of the Constitution in capital letters.
Before the auction, the Sotheby’s website listed an estimated sale price of $15 million to $20 million for the document, believed to be one of only 13 copies remaining from the original 500 print.
Cryptocurrencies have become increasingly popular payment methods in the art world.
In particular, Sotheby’s accepted bitcoin and ethereum, or ether for short, as a way for collectors to bid on art and other items.
Earlier this year, Sotheby’s said it would accept bitcoin or ether as payment for a work by popular street artist Banksy.
And just last week, Sotheby’s announced just last week that it plans to have auctioneers reveal real-time bid amounts with ether gains for two other Banksy works that are up for sale.