The Dream of Ownership Falls Flat
On Thursday, the collective hopes of an online group known as ConstitutionDAO came crashing down as they lost out on acquiring a first-edition print copy of the United States Constitution at a Sotheby’s auction. The elusive document was snagged by an anonymous bidder for a staggering $41 million, which ballooned to approximately $43.2 million when auction fees were accounted for.
It’s Not Over Till the DAO Sings
In a bittersweet announcement on their official Discord, the group acknowledged their loss while embracing the spirit of their endeavor. A post exclaimed, “While this was not the outcome we hoped for, we still made history tonight.” They may not have left with the parchment under their arm, but they certainly garnered attention for their unprecedented attempt.
A Rare Piece of History
This specific constitution copy is one of only thirteen original copies from the Constitutional Convention. Back in 1988, the late real estate mogul S. Howard Goldman bought it for just $165,000. Fast forward to today, and it has been resold, contributing its proceeds to the Dorothy Tapper Goldman Foundation, much to the delight of historical preservationists.
Pooling Together Funds: The DAO Experiment
The audacious project took shape just a week before the auction. ConstitutionDAO emerged as a decentralized autonomous organization (DAO), rallying over $49 million in Ethereum donations through the platform Juicebox. That’s right—people banded together to take on a historic piece of Americana, and what’s more American than crowdfunding?
Tokens, Voting, and Refunds
For their financial contributions, the enthusiastic 17,437 backers received governance tokens dubbed PEOPLE. These tokens didn’t grant fractional ownership but empowered their holders to vote on future proposals concerning governance and the operational direction of the DAO.
And fear not for all the patrons; they can expect a full refund of their contributions via Juicebox. So, while they might not have landed a piece of history this time around, each participant will be getting their wallets back intact, ensuring that no one left the party with empty pockets.
