Crypto Collectors Lose Offer After Raising US $ 40 Million for Copy of US Constitution

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A group of 17,437 cryptocurrency investors raised more than US $ 40 million to purchase an ultra-rare copy of the US Constitution auctioned by Sotheby’s this week.

The group, which is called Constitution DAO, said it has received donations “from museum curators and art directors to our grandmothers asking us what ETH is when they read about us in the news.” . In a matter of days, the group broke the record for the most money raised in a 72-hour period. Notably, a significant portion of its donations came from first-time crypto investors with first-time initialized wallets. Organizers told donors that in return for their funding, they would receive governance tokens called $ PEOPLE and be able to collectively decide where the document should be kept.

The auction took place Thursday at Sotheby’s in New York, the object being described as “an exceptionally rare and extraordinarily historic first edition of the Constitution of the United States”. It first appeared at public auction 33 years ago and is one of 13 copies of the official edition of the Constitution.

According to Sotheby’s, the document was one of 500 originally released “for submission to the Continental Congress and for the use of delegates to the Constitutional Convention.” After an intense bidding war between DAO and others, a private collector won the historic artifact for US $ 43 million.

The group told donors that they would be reimbursed their pro-rated amount less the “gasoline charges” used to process crypto transactions through the Juicebox platform. The company said in a statement that although it had not obtained the document, it “still made history.”

We’ve shown the world what crypto and web3 are, bringing thousands of people into the process, including museum curators and art directors who are now excited to keep learning.

We were the first DAO @Sothebys worked with, but we’re sure we won’t be the last.

– ConstitutionDAO (?,?) (@ConstitutionDAO) November 19, 2021

In other news, Sotheby’s will accept live bids in ETH for two works of art by Banksy up for auction.

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