ConstitutionDAO

ConstitutionDAO is a decentralized autonomous organization (DAO) formed in November 2021 to purchase an original copy of the United States Constitution.[1] The group raised $47 million in Ether cryptocurrency but lost to a bid of $43.2 million in the Sotheby's auction, the organizers of ConstitutionDAO believing that they would have insufficient funding to protect, insure, and move the artifact if they had made a higher bid. The organizers said they would refund contributions, minus Ethereum fees.[2]

The Verge put the group's effort in the lineage of Internet movements like the GameStop short squeeze earlier that year.[2] Bloomberg News wrote that the effort "showed the power of the DAO ... has the potential to change the way people buy things, build companies, share resources and run nonprofits."[3]

References
  1. Matthews, Karen (November 19, 2021). "Rare first printing of US Constitution sells for record $43M". AP News. Retrieved November 21, 2021.
  2. Kastrenakes, Jacob (November 18, 2021). "ConstitutionDAO loses $43 million auction of rare US Constitution copy". The Verge. Retrieved November 21, 2021.
  3. Kharif, Olga (November 20, 2021). "Crypto Crowdfunding Goes Mainstream with ConstitutionDAO Bid". Bloomberg.com.

Further reading
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.