ConstitutionDAO

From Wikipedia, the free encyclopedia

ConstitutionDAO is a defunct[1] decentralized autonomous organization (DAO) formed in November 2021 to purchase an original copy of the United States Constitution.[2] 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 believed 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.[3] Weeks after the event, around $23 million had yet to be refunded, partly due to these fees, with one contributor reported as having to pay $70 in fees to donate $200, and another $70 to get it refunded. The median contributor had donated $217 to the project,[4] and some fees were more than the value of the donation.[5]

The Verge put the group's effort in the lineage of Internet movements like the GameStop short squeeze earlier that year.[3] 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."[6]

References[]

  1. ^ Fox, Matthew (January 19, 2022). "Tokens of the defunct DAO that failed to buy a copy of the constitution are worth $300 million even after disbanding". news.yahoo.com. Retrieved January 28, 2022.
  2. ^ Matthews, Karen (November 19, 2021). "Rare first printing of US Constitution sells for record $43M". AP News. Retrieved November 21, 2021.
  3. ^ a b Kastrenakes, Jacob (November 18, 2021). "ConstitutionDAO loses $43 million auction of rare US Constitution copy". The Verge. Retrieved November 21, 2021.
  4. ^ Kastrenakes, Jacob (November 24, 2021). "Almost buying a copy of the Constitution is easy, but giving the money back is hard". The Verge.
  5. ^ "ConstitutionDAO Is Shutting Down After Unrelenting Chaos". www.vice.com. Retrieved March 5, 2022.
  6. ^ Kharif, Olga (November 20, 2021). "Crypto Crowdfunding Goes Mainstream with ConstitutionDAO Bid". Bloomberg.com.

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