{"id":53176,"date":"2021-11-19T13:01:35","date_gmt":"2021-11-19T11:01:35","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=53176"},"modified":"2025-09-03T13:52:35","modified_gmt":"2025-09-03T10:52:35","slug":"constitutiondao-loses-auction-for-a-rare-copy-of-the-u-s-constitution","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/constitutiondao-loses-auction-for-a-rare-copy-of-the-u-s-constitution\/","title":{"rendered":"ConstitutionDAO loses auction for a rare copy of the U.S. Constitution"},"content":{"rendered":"<p>On Thursday, November 18, 2021, an unknown buyer purchased at Sotheby\u2019s auction a historically valuable copy of the U.S. Constitution for $43.2 million. A <span data-descr=\"decentralized autonomous organization\" class=\"old_tooltip\">DAO<\/span>, formed by a group of crypto investors to purchase the artifact, could not top the bid.<\/p>\n<div class=\"wp-block-text-wrappers-update-2 article_update\"><time class=\"gtb_text-wrappers_update_time\">Nov 20, 2021 | 10:55<\/time><span class=\"gtb_text-wrappers_update_head\">Update: <\/span><\/p>\n<p>According to <a href=\"https:\/\/www.wsj.com\/articles\/citadel-ceo-ken-griffin-outbid-a-group-of-crypto-investors-for-copy-of-u-s-constitution-11637352087\">The Wall Street Journal<\/a>, the buyer was Citadel CEO Ken Griffin.<\/p>\n<p>The billionaire allegedly plans to hand over the copy of the U.S. Constitution to the Crystal Bridges Museum of American Art in Arkansas, so that it is accessible for viewing by all Americans and visitors.<\/p>\n<\/div>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The Constitution was directly underbid by <a href=\"https:\/\/twitter.com\/ConstitutionDAO?ref_src=twsrc%5Etfw\">@ConstitutionDAO<\/a>, a group of 17,000+ people from around the world who banded together through social media within the last week to raise money to acquire the document, marking the largest crowdfunding initiative ever put together. (\ud83d\udcdc,\ud83d\udcdc)<\/p>\n<p>&mdash; Sotheby&#39;s (@Sothebys) <a href=\"https:\/\/twitter.com\/Sothebys\/status\/1461526724911538185?ref_src=twsrc%5Etfw\">November 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>A week before the auction, enthusiasts <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-investors-in-the-united-states-launch-a-dao-to-buy-a-rare-first-edition-constitution\">launched the ConstitutionDAO<\/a> project in the form of a DAO with the aim of winning the auction for one of the 13 surviving copies of the first edition of the Constitution. In 1787, 500 copies of the document were printed for the Continental Congress and delegates to the Constitutional Convention.<\/p>\n<p>Had they won, the community planned to display the artifact for the public in one of the museums.<\/p>\n<p>DAO participants received PEOPLE governance tokens proportional to their contributions in Ethereum. The coins did not confer ownership of the historical document, but allowed participation in decisions related to its placement.<\/p>\n<p>Before the auction, the lot was valued at $15-$20 million, and the group aimed to raise up to the top end of the range. The amount pledged over the week exceeded $40 million.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOur bid for the copy of the Constitution did not win. While this is not the outcome we had hoped for, we continued tonight to make history with ConstitutionDAO. This is the largest known crowdfunding for a physical object \u2014 in cryptocurrency or fiat. We are incredibly grateful to have done this together with all of you, and we are still in disbelief at how far we have come,\u201d the project team said.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"zxx\" dir=\"ltr\"><a href=\"https:\/\/t.co\/6GVxlkvJbj\">pic.twitter.com\/6GVxlkvJbj<\/a><\/p>\n<p>&mdash; ConstitutionDAO (\ud83d\udcdc, \ud83d\udcdc) (@ConstitutionDAO) <a href=\"https:\/\/twitter.com\/ConstitutionDAO\/status\/1461498841820192771?ref_src=twsrc%5Etfw\">November 19, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div>\n<\/figure>\n<p>Organisers noted that the DAO had 17,437 donors, with an average contribution of $206.26.<\/p>\n<p>All participants will be able to reclaim their contributed ETH minus gas costs via the Juicebox platform, the team said.<\/p>\n<p>As Sotheby\u2019s announced an auction of two Banksy works, bidders will be able to bid in Ethereum <a href=\"https:\/\/u1f987.com\/en\/news\/sothebys-to-auction-banksy-paintings-offline-for-ethereum\">alongside fiat currency<\/a>.<\/p>\n<p>The auction house first held auctions with cryptocurrency payments <a href=\"https:\/\/u1f987.com\/en\/news\/banksys-work-sold-for-12-9-million-at-a-crypto-friendly-auction\">in May 2021<\/a>. The lot was also one of Banksy\u2019s works.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Thursday, November 18, 2021, an unknown buyer purchased at Sotheby\u2019s auction a historically valuable copy of the U.S. Constitution for $43.2 million. A DAO formed by a group of crypto investors to purchase the artifact could not top the bid.<\/p>\n","protected":false},"author":1,"featured_media":26216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[526,80],"class_list":["post-53176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-auction","tag-dao"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=53176"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53176\/revisions"}],"predecessor-version":[{"id":53177,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/53176\/revisions\/53177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=53176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=53176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=53176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}