Nov 25, 2021
ConstitutionDAO had been trying to collectively buy a rare 1787 copy of the US constitution copy that was coming up for auction at Sotheby's on 18th November. The group was operating as a DAO (decentralised autonomous organisation). TLDR; They failed. They raised $40m but were just outbid as the item went for $43m
So What?
1. It’s a new take on crowdfunding. They raised the bulk of their funds in 72 hours.
2. It's an example of web3 at work. “A decentralised, blockchain-inspired web architecture that gives users more control over their digital content and currency.”
3. The aftermath of ConstitutionDAO has been messy. The DAO needs to refund $40 million to over 17,000 donors; some have discovered that transaction fees will mean they get nothing back.