ConstitutionDAO

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. 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.

Further reading
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