ConstitutionDAO fails to win Sotheby’s auction

ConstitutionDAO fails to win Sotheby's auction


The online group, ConstitutionDAO, has failed in its bid to purchase the last privately owned, 1st edition print copy of the U.S. Constitution at public auction at Sotheby’s on Thursday. 

“The ‘Official Edition’ of The United States Constitution” was instead won by an unknown bidder for $41M (or $43.2 million after auction fees), meaning the DAO failed in its historic attempt to put it “in the hands of The People.”

The news broke in an announcement on the official Discord. “While this was not the outcome we hoped for we still made history tonight,” the post read.

This specific copy is one of just thirteen copies of the Official Edition of the Constitution from the Constitutional Convention. It was first purchased from Sotheby’s by the late real estate developer S. Howard Goldman in 1988 for $165,000. His widow Dorothy Goldman put it up for sale this year and decided that the proceeds will go to the Dorothy Tapper Goldman Foundation.

Binance

Project participants began to band together just a week ago as a decentralized autonomous organization, or DAO, to pool funds for the auction. In the hours leading up to the sale, ConstitutionDAO had raised over $49 million in Ethereum donations collected via Juicebox, a platform for community-owned Ethereum-based projects.

The auction was streamed live.

In exchange for donations, the 17,437 backers were issued governance tokens called PEOPLE. These do not provide fractionalized ownership, rather give token owners the ability to vote on proposals around structure, governance and operational direction.

Participants will now be able to get a refund of their contribution via Juicebox.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currency to display

Pin It on Pinterest

Crypto-Moon
Binance
Crypto-Moon
ConstitutionDAO fails to win Sotheby's auction
Binance
undefined
undefined
Bybit
XRP Set For Rebound, Crypto Returns To US
ETH Price Recovery Outpaces Bitcoin, Funding Turns Negative
Top 50 Altcoins' Performance Against Bitcoin.
Bubblemaps Flags ‘Rugproof’ Launchpad for Alleged Rug Pull
3 Altcoins at Risk of Major Liquidations in the Last Week of July
XRP 'Healthy Correction,' Ether Supply Decline: Hodler's Digest
BTCC
Bybit
Arthur Hayes Says Bitcoin, Ether Could Fall On Macro Headwinds
Eric Trump bull-posts Bitcoin, Ethereum amid tariff jitters
SharpLink Buys $54M in ETH, Holdings Reach $1.65B
Stablecoins Are Finally Legal—Now Comes the Hard Part
Satoshi Nakamoto Statue Stolen in Lugano, 0.1 BTC Reward Offered
Arthur Hayes Says Bitcoin, Ether Could Fall On Macro Headwinds
Eric Trump bull-posts Bitcoin, Ethereum amid tariff jitters
SharpLink Buys $54M in ETH, Holdings Reach $1.65B
Stablecoins Are Finally Legal—Now Comes the Hard Part